Top 7 Credit Card Offers For Those With Excellent Credit

Do you have excellent credit? If so, banks are actively looking to win you as a new credit card customer by offering some unprecedented deals. Although banks have been more careful about acquiring customers with questionable credit since the 2008 Financial Crisis, they are now fighting harder than ever to win coveted customers with great credit. If you are in the excellent credit sweet spot, they are effectively giving you money (and a lot of it) to use their credit cards. These are the best credit cards for excellent credit you can take advantage of today:

Chase Sapphire Preferred:This is our No. 1 travel rewards card because it offers a lot of value and flexibility. It starts off by earning you 2 points for each dollar spent on travel and dining out, and 1 point per dollar on all other purchases. That’s followed up by an industry-leading 50,000 point intro bonus after spending $4,000 in the first 3 months – equal to a whopping $500 cash back. Redeeming your earned points via Chase’s Ultimate Rewards saves 20% off travel costs, enabling you to stretch that 50,000 point intro bonus into $625 in travel. You can also redeem your points for cash back, gift cards and merchandise.

The best part is that you can transfer your points 1:1 to many frequent travel programs with no transfer fees, including United MileagePlus, Southwest Rapid Rewards, Hyatt Gold Passport and Marriott Rewards. That means 1,000 points are equal to 1,000 partner miles/points, straightforward and simple. This feature is likely to appeal to road warriors who are members of various partner programs, as users aren’t limited to spending their points via Chase’s rewards program. In fact, according to our travel rewards card analysis, your 50,000 point intro bonus is worth more than $1,000 when transferred to Hyatt’s reward program. There is a $95 annual fee, but it is waived the first year.

Citi Diamond Preferred: Shopping for a special item for yourself or someone else? This card will let you make big purchases then carry that balance into 2018 without paying a dime of interest. Citi Diamond Preferred (a NextAdvisor advertiser) features an incredibly lengthy 21-month 0% introductory APR for purchases and balance transfers – the longest intro APR of any card we’ve ever reviewed! And there’s no annual fee. The combination makes this card perfect for anyone looking to make a large purchase (or several purchases) or who is interested in transferring balances from other high-interest credit cards to this one. Either way it’s a smart choice.

Blue Cash Everyday Card from American Express: The Blue Cash Everyday Card from American Express (a NextAdvisor advertiser) is a terrific cash back card with absolutely no annual fee. You’ll earn a 3% cash back at supermarkets (on up to $6K in purchases annually), 2% at gas stations, and 1% on everything else. And if you apply by 1/11/2017, you’ll earn a very generous 10% back on Amazon.com purchases made in the first 6 months, up to $200 cash back. Plus you’ll get a $100 intro bonus after spending $1,000 on purchases with your new card in the first three months – that’s a 10% cash back bonus on the first $1,000 you spend! In addition you’ll enjoy a 0% 12-month intro APR on purchases and balance transfers. If you want a similar card with higher cash back earnings at supermarkets (6%!) and a larger intro bonus ($150), and are willing to pay an annual fee, check out Blue Cash Preferred Card from American Express.

Chase Slate: This card was designed with credit card balance consolidation in mind. It’s the only card we’ve found with both a lengthy 0% introductory APR and no balance transfer fee. Its 15-month, 0% introductory APR on both balance transfers and purchases translates to interest-free payments until 2018. Plus, there are no balance transfer fees during the first 60 days of card membership. This is a big deal, as depending upon how much you plan to transfer, balance transfer fees can really add up. In fact, a $0 intro balance transfer fee can save you hundreds of dollars in fees, and the $0 annual fee is also a money-saver. So if you have excellent credit, you absolutely should not be paying any credit card interest. Get this card and transfer your balances.

Discover it Cashback Match: If you’re in the market for a great cash back rewards cards that also has a 14-month 0% APR, this is a smart pick. Not only can you transfer over balances from your high-interest cards to the Discover it Cashback Match card and pay zero interest for a full year (note that there is a 3% balance transfer fee), but you’ll get the same 0% intro APR on new card purchases. Plus you’ll earn 5% cash back on categories that rotate quarterly (on up to $1,500 in purchases, then 1% back), and 1% back on all other purchases. Amazon.com, Sam’s Club and department stores are the 5% back categories from now through the end of 2016, which means you can rake in the cash back rewards while shopping for the holidays. Plus Discover will double the cash back you earn at the end of your first year as a card member, making that 5% back effectively 10% back. So if you earn $300 in cash back, Discover will match that $300 for a total of $600 cash back! This is a really great bonus with endless potential, but remember it’s only available the first year so make sure to take advantage of it. Discover it Cashback Match really does have it all – cash back, an extra cash back bonus (2x cashback your first year!), a lengthy 0% intro APR on purchases and balance transfers AND no annual fee.

Citi Double Cash Card: The Citi Double Cash Card features an effective 2% cash back on ALL purchases and a lengthy 0% intro APR on balance transfers. The cash back rewards are the best we’ve seen for a card that offers a single cash back percentage on everything you buy. There are two steps two getting the full 2% cash back. Use your card to purchase the item(s) for the first 1% cash back. You’ll receive the second 1% cash back after you’ve paid for your purchase(s), for a total of 2% effective cash back. As long as you’re paying the minimum due each month you can take as long as you want to pay off your balance and get the additional 1% cash back (aka, 2% total effective cash back). In addition to this high cash back percentage, you’ll enjoy a generous 18 months of a 0% intro APR on balance transfers. And to top it all off there’s no annual fee and no caps on the amount cash back rewards you can earn.

Chase Freedom Unlimited: Chase Freedom Unlimited features an unlimited 1.5% cash back on all purchases and a lengthy 0% intro APR on purchases and balance transfers. The standard reward percentage makes earning cash back on your purchases worry-free, as you don’t have to do anything or remember to sign up for quarterly rewards like some other cards require. Instead you’ll get 1.5% back on every purchase you make. Plus you’ll earn a $150 cash back bonus after spending $500 in the first 3 months, which is equal to 30% back on the first $500 you spend! There’s also a 15-month 0% intro APR on purchases and balance transfers, and to top it all off there’s no annual fee.

Disclaimer: This content is not provided or commissioned by the credit card issuers. Opinions expressed here are author’s alone, not those of the credit card issuers, and have not been reviewed, approved or otherwise endorsed by the credit card issuers. This content was accurate at the time of this post, but card terms and conditions may change at any time. This site may be compensated through the credit card issuers’ Affiliate Program.

If you get the Chase Sapphire Preferred card, and keep it for a year or more, then change it for another Chase card, do you lose the rewards you earned? My understanding is they can even go to your airline account, and draw their miles back out of your account. If that’s true, what’s the advantage to getting the Chase Sapphire Preferred?

GlennDecember 6, 2016

They forgot best of best American Express BLACK card, you can’t apply, invite only. Even with 800+ FICO can’t get. You need to be Super Rich to get it

Julie Myhre-NunesDecember 6, 2016

Thank your for your question, Rose! It sounds like you may be mixing up the intro bonus with the limited-time Amazon.com 10% back bonus. In order to earn the intro bonus with either of the Blue Cash cards, you must spent $1,000 on purchases in the first 3 months — if you spend any less, you will not receive it.

On the other hand, you will earn 10% back on every Amazon.com purchases you make in the first 6 months of card membership (if you apply for the card by Jan. 11, 2017). This means if you spend $100 on Amazon.com, you’ll get $10 back! Something you’ll want to note about this Amazon.com limited-time offer is that you can only earn up to $200 back, which equals to $2,000 in Amazon.com purchases. That said, you can spend any amount under $2,000 and rest easy knowing that it’ll earn 10% back.

On the Blue Amex card, does “10% cash back bonus on the first $1,000 you spend” mean you have to spend $1,000 to get the 10% or can I spend $100 an get 10% back?

Julie Myhre-NunesDecember 2, 2016

Great question, Tom! We wanted to include cards that will appeal to the average consumer in this post, so while Chase Sapphire Reserve’s rewards and perks are very impressive, we know that not all consumers will see the value in a card that has a $450 annual fee. That said, we do review Chase Sapphire Reserve. If you want to learn more about the card, you can read our Chase Sapphire Reserve review.

BrenDecember 2, 2016

I have had great success with both the Discover It credit card and the Citibank Double Cash Card. I too pay off my balances in full every month and have not paid interest on any credit card in over 4 years. The Discover Card is awesome for those rotating category purchases and the double-it offer where they match however much cashback you have earned is awesome, considering it turns a 1% into a 2% cashback reward and a 5% into 10% cashback. The Citibank Double Cash card is nice because you get what is essentially 2% back on every purchase if you are like me and pay off your balances. The best benefit I have found with the Double Cash card though is the Price Rewind feature. I bought a laptop at Best Buy a few weeks ago for $999.99 and it went on sale during the Black Friday sale for $849.99. I was ticked at myself for being impatient and buying it when a sale was right around the corner, but the Price Rewind feature with the Double Cash card I used to buy it allowed me to submit a request form with a couple of supplementary pieces of evidence and sure enough I got $150.00 added to my account in less than 2 weeks. That is truly epic!

TomNovember 30, 2016

When are you guys going to start including new cards, like the Chase Sapphire Reserve – the updated version of the Chase Sapphire Preferred?

MaryNovember 29, 2016

I have had a Discover card for 10 years. I pay my balance off in full, every month. I just changed it over to the Discover IT card. Can’t wait to start using it for better benefits! ( you get to use your same account # as before), which I liked. I really like Discover because if you have a dispute they are always there to help you and you get to talk to a live person!! Can’t do any better, in my opinion!!!

DanNovember 20, 2016

It doesn’t matter which card is in your pocket — if you pay off the balance every month. Other than that, watch for the perks offered by each vendor.

Robert ScottNovember 18, 2016

I received an American Express Blue card. The first statement was incomplete. When I asked for supporting docs, they cancelled the Platinum card I had for 36 years and the Blue card and turned in a bad credit report which I dealt with for years. My FICO score is over 800. I hate AMEXCO. I have a Capitol One 2% for everything card.

McflyNovember 7, 2016

Hmmmm how about Sapphire Reserve?

Alice AbrahamNovember 4, 2016

tell me more about the card

RobertNovember 3, 2016

I keep seeing these “if you have excellent credit, check out these offers” website links, but I never see Simmons Bank Platinum Visa listed. I’ve only seen them listed once on Credit Karma (dot) com and it had nothing but stellar reviews. The interest rate is a flat 7.5%. I applied for it in June 2016 with a credit score of 797. I was approved almost immediately. I have four credit cards, all of which have a zero balance. If I ever need to carry a balance, you can be assured that it’ll be on the Simmons Bank card. Do yourself a favor and google them. They’re located in Arkansas and the few times that I’ve contacted them, they’ve been nothing but courteous and professional.

Note: I am neither affiliated nor paid by them. I’m simply a very satisfied customer and hope that other credit card users will discover them, too.

BObNovember 1, 2016

ALL THIS IS BS

carlosNovember 1, 2016

American Express is giving nothing for the miles. get chase they even gave me$ 200.00
more than the amount of miles I had

Phillip WeeksOctober 31, 2016

American Express Delta Miles card charges $95 per year. Delta charged me 75,000 miles for a 4,000 mile trip.

Jerry GarciaOctober 24, 2016

personally, I have a Barclay card. I get 2 miles of credit for every dollar I charge. And I mean EVERY dollar, doesn’t matter what I buy. AND, when I redeem them for travel, I get 5% of those miles back. No annual fee. No black-out dates: I charge a flight or hotel to my card then when I get the card statement, I redeem miles for the balance. Very damn simple.

Robert M.October 17, 2016

Have four rewards cards…best is the Fidelity Investment Rewards Visa, which pays 2% on all purchases…I invest rewards in a Fidelity IRA. Since the Reagan Admin. got rid of interest deductions in 1986 (with home equity line exception), I haven’t incurred one cent in interest. Pay them off every month, without fail. NEVER worth it to carry balances.

Romeo R JamesOctober 17, 2016

Thank you for a timely and well-written article. Most informative.
Great captcha!

Big PopOctober 14, 2016

Don’t fall for these credit card offers. I applied for the Case Slate card, and I got it. I have 2 other cards with $18,000.00 and $20,000.00 limits with very low balances. The balances are so low, combining them on the Chase Slate would have saved me several hundreds of dollars. When I got Chase Card, they gave me a limit of $1,800.00. What good is that going to do me. Now they have another card out hoping to get the 23% interest if I use it in a year. Well surprise to them…I cut the card up and will never use it.

Rich FieldsonOctober 3, 2016

100% Cash Back!!
When Discover sent me a new card and the old one was 2 years from expiring, they made me call to confirm it and instead of getting a computer I got a person who tried to encourage me to use the card, asked me what card I was using instead of Discover … that I had not used in a year, telling me of all the “great cash back” deals. I told the lady I get 100% cash back — I take a bag of 2,000 pennies to the supermarket for my $16 purchase …. of course they won’t sit there and count out 1600 pennies (and where in the cash register would they put them???) so the frustrated cashier always says, “just go — take your groceries and pennies and leave” – so I pay NOTHING — 100% cash back. Of course the Discover person has nothing in her script to counter that — dead silence. I end the call and have her believing it! I have done this twice already with Discover as they try to get me to use their card – they deserve that!

Bernard CisnerosSeptember 30, 2016

The carrier for Chase Sapphire preferred card is Visa.

John S. HarveySeptember 30, 2016

I carry a Sam’s Club card (5% cash back on gas – any station or brand),
an American Express Card (3% cash back on groceries),
and the Citibank Double card (2% on everything else).

I’ve earned thousands over the years, never paid an annual fee, or any interest (I pay in full every month)..

Michael MurphySeptember 29, 2016

I have a capital one credit card. It pays 11/2% back on all purchases. Over the years I have received at least 2000 in cash back rewards. The trick to it all is to NEVER carry a balance.

A.Robert SymsSeptember 28, 2016

Credit cards are false prosperity. If you can’t afford it, don’t buy it. You don’t get a sense of cash when you use credit anyway. Sometimes having to empty your wallet to buy something makes you rethink whether you want to buy it in the first place. Credit allows you to buy it and keep the cash in your wallet at the same time, that’s the trap, or addiction.

riskySeptember 28, 2016

Look at Wells Fargo right now. Big Bank Crooks !!!!
I used to work at Citi Bank and they screwed my credit up so bad… and I swear it was because I paid off my card 100% and told them to never contact me again. I paid them off 100%. They send me a bill for $30.00. I call them and tell them I am not going to pay it. They send me a bill for $60.00…. I call them again and told them not to contact me again. They DINGED my credit… I don’t care, I am rid of them and have time to rebuild the DINGS. I am going to contact CHASE next month…. go by and pay them with cash…tell them not to contact me again and I am FREE of ALL Cards. Wake up people…. CREDIT CARDS are a trap.

Carol VanceSeptember 27, 2016

What is the credit card carrier (Visa or MasterCard) used by Chase Sapphire Preferred Card? In fact I would like to know all of them!

Sal CittadinoSeptember 26, 2016

How come you don’t publish their interest rates. I have a credit card at the moment charging 7.25% to to 7.49% steady. Can Chase beat that. I use to have a Chase card for several years. But. their interest rate were too high.

Nick KSeptember 23, 2016

Never use Chase!
They hurt my FICO reducing my credit limit when I was looking to buy a house. When called and asked they said something along the lines of “better credit management” on their part but could not explain why my 770 and never being late with payments is not good enough credit for them. I figure what is not good for them is me paying in full every month.
A few weeks ago they also jacked up all the interest rates – their basic rates are as high as the delinquent rates on other CCs.
I cancelled my Chase CC.

MickinMDSeptember 21, 2016

h.i. wrote, ” I was taught if you have to charge it you don’t need it.”
That’s still generally true if you mean charging it and not paying it off your entire statement each month.
But you are paying MORE if you pay cash today because of cash-back rewards. I get 2% to 5% so I charge everything that I can. When I paid cash for a new car, I put the max. $3000 of it on a credit card, then paid the credit card company the $3000 when it came due – earning $30 for my trouble. Of course, that only works if you can stick your budget and pay-off your entire statement each month.

h. l.September 18, 2016

educate people of the pitfalls of credit. people need to control buying and stop listening to the corporate side of capitalism. I was taught if you have to charge it you don’t need it. of course medical needs fall out of this but the pharmaceutical people take advantage of the il.

MichaelJSeptember 17, 2016

Having been around many, many years…I wouldn’t do business with Chase or Citi (especially Citi). All you folks must have short memories??

Lydia CercielloSeptember 16, 2016

I also have a Discover for many years. I’ve been lucky so far but I never take advantage of the discounts. My fault, I guess.

LyleSeptember 15, 2016

Can you use these premium cards for the down payment on a new home?

RobSeptember 15, 2016

Chase no longer does e-billing so I am no longer a customer. They want me to allow them to automatically deduct from my checking – not going to happen.

Bill KiserSeptember 12, 2016

This story was updated Sept.2? Are you kidding me? Chase Sapphire Reserve is hottest card on the market. Writer is asleep at the switch.

MickinMDSeptember 10, 2016

Personally, I prefer the Chase Freedom Visa over the Chase Freedom Unlimited Visa listed here. The Freedom Unlimited does 1.5% cash-back. The Freedom does 5% categories that rotate like the Discover Card listed here and 1% elsewhere. The Freedom has the same initial $150 potential reward Freedom Unlimited does. On the other hand, 1.5% isn’t enough for me: I have the Citi Double Cash Mastercard that does 2% cash-back everywhere. It doesn’t have that $150 initial reward but the extra 1/2 percent cash-back eventually catches up with that.

Phyllis Dela CruzSeptember 7, 2016

I had Citi credit card, and there were some fraud activity on my credit card, and I sent that credit card company the proof that I didn’t authorizes those fraudulent charges, and they sent my account to another company for collections. In Rhode Island there are laws no one can scam a senior citizen, and any handicap person, which they did both. The laws extends both no bullying, and no harassing.

robert blockSeptember 6, 2016

can I join with my new cosco card

robert blockSeptember 6, 2016

I just got a new card from Costco .can I join. bob

RaymondSeptember 5, 2016

Well, I guess the “teen ager” and “woman in organized crime” and the “active teller personal” etc. must all be WHITE since you didn’t bother to mention their races.

PamiSeptember 4, 2016

I AM a discover card holder for 25 plus years in GREAT STANDING.. last year and for six years prior I was a victim of identity theft which turned out to be persons in my neighborhood in PARK FOREST IL stealing my mail and personal effects from my apt.. they took my credit card statements which i regularly paid on time and AS REQUIRED… and gave my data to some crooks. I was shopping at a KMART STORE IN STEGER IL when this teen ager employees after making my point of sale at the register.. PUT some kind of a STOP OR LOCK on my credit card.. HE DID IT NOT ME.. I did already have a fraud investigation going on but the PERPS seem to be investigating themselves.. and they were.. HE locked me out of being able to use my DISCOVER CARD on the swipe card system at THAT STORE AND ANY OTHERS STORE. .Calling, writing emailing and sending certified mail to DISCOVER CARD SECURITY , CUSTOMER SERVICE CORPORATE.. all this time later. I STILL NEVER GOT MY CARD REISSUED OR THE CARD UNSTOPPED OR THE CREDIT FOR ALL THE FRAUD ( around $6,000 plus .. added to my account by BLACK FEMALES And a woman in organized crime..) they some how enticed the managment AT KMART and other stores to GO ALONG WITH THIS.. I cant even get a response what happened. I learned thru the INSPECTOR GENERAL FOR THE POST OFFICE that my mail WAS BEING MISHANDLED AND STOLEN.. the same credit card fraud user the organized crime woman.. STOLE THE MAIL COLLECTED from me as evidence and given to the US POST OFFICE TO PROSECUTE HER.. was also stolen and their undercover was murdered.. I still am sorry I even tried to report this crap.. and it should be noted that ACTIVE TELLER PERSONNEL in many major United States owned banks.. are allowing this to continue to this day. . I ccontacted the SECRET SERVICE , they told me there is no active investigations regarding my matters.. the FBI said no activity on my investigation.. but the man was murdered so i would think someone in the FEDERAL GOVT Would be interested??? anyway.. its now been several years and I STILL DO NOT HAVE MY REPLACEMENT CARD OR ANY CARD .. and DISCOVER PERSONNEL.. never ever has to explain themselves as to wHY MY ACCT WAS LOCKED DOWN IN GOOD STANDING AND MY CARD WAS NEVER REPLACED!!
PARK FOREST IL SEPT 4 2016

williamSeptember 1, 2016

Intro rates are good but if they give you 16 to 18% and low limit You pay more unless you just transfer again or pay in full every mo. Rewards are good but how much do they really add up to? You get back less than 1/2 the sales tax. BOA cash rewards gave me good rate 13.24 and a high credit limit. Had citi and amex cards but the rate has always been higher and credit limit lower. Barclays rates and limits good at 13.24 also. Disappointed with rates and limits from Citi and Amex with same credit rating.

Larry GagnonAugust 31, 2016

the prime card answer is, several of above—the 5% Qtr’s of some make them the
best for 3 months on specific type usage. The TWO VERY HUGE, I’ve used in
past yr, both Chase–last qtr 2015, Amazon (Merry Christmas!), and this qtr,
the best marketing move ever, again Chase (their Qtr deals are the best overall,
however, if making specific large purchase–shop) with COSTCO changed from
Am Ex, Citi did get ID-membership cards, BUT, a big one, any Visa is excepted
now at Costco—right out of the gate, Chase but Costco on 5% list.
That was 40$ on my new tires just to start. What the competition has done
is give us reason, as article recommends, shop your card(s).

Fred WardAugust 30, 2016

For active and retired military, I suggest you take a look at Navy Federal Credit Union and their credit and debt cards. Plus you won’t get any better customer service anywhere!
They are the largest credit union in the WORLD. They are open 365 days a year, 24 hours a day. I dropped USAA for their poor customer service and unable to reach anyone after hours except when you have your cc stolen or compromised.

wenAugust 29, 2016

with the new costco citi visa, i was going to consolidate and cancel some of my cards. i decided since they’re all no annual fee i decided to play their game. the costco visa offers 4% on gas, 3% on eating out and travel, 2% at costco and 1% everything else. great, BUT they rebate once a year. from the former costco amex, i got the amex that pays 5% back for cell phone charge (for me, $200 x .05 = 10/mon = $120/year) and 3% for travel and eating out and the rebate is MONTHLY. chase freedom is offering a limit time rebate of 5% eating out until end of this September 2016 and 5% on charges at costco/sam’s club (except for gas) until the end of 2016. think chase wants to see who’s charging where. think they’ll up their rebate higher than 1% in the future. i got the citi MC double cash back and so everything else not higher than 2% is on this card.
all cards are paid off monthly. i’ll re-evaluate if i’ll keep all those cards.

William SneddenAugust 29, 2016

We use the American Express Blue cash Preferred. We love it! we pay off the balance every month & use the cash back to help pay the bill. Using it mostly for Groceries & gas we net close to $ 400 a year.

EleanorAugust 24, 2016

I have citicorp double cash back and thought it was great until an online donation went through twice and also became recurring. This was a computer glitch, but when I immediately disputed the charge. I was advised that I would have to do everything possible to resolve the problem MYSELF. Whenever I have had a dispute using any of my other cards, it was not left up to me to resolve it. By the way, I called the contact # and also used the online contact and never received a response from the donee. I fear that I will be stuck with donating double the original amount for the rest of my life if I rely on Citicorp to handle the dispute. I cannot recommend this card because they promise you the world and give you nothing.

c.m.mcbirney@gmailAugust 15, 2016

Our Saohire Credt card is the best in the world

George S.August 14, 2016

One more thing that’s rarely mentioned is most credit cards won’t let you consolidate other credit card balances, that is to say if you have 2 Citi Cards and want to transfer their balances to a new Citi Card, you can’t do it. So you’ll have to look at any credit card balances you’re planning to transfer to see if it’s Citi, Chase, etc. Nearly all of the credit card companies have this restriction. Best thing to do: Pay any credit card balances off ASAP.

EarlMcDonaldAugust 13, 2016

How can you not have Visa on the list?

Bill. RAugust 12, 2016

These are all gimmicks to get your business. Look at the “interest” rate. I get Points with my bank card, but my interest rate is @ 4.59% presently. I continually get invites to other cards, but iI always check the bottom line, the interest that it will cost me in the end.

How about a break! Active duty and retired military should have access to the best credit cards available!!

Andy fm HoustonJuly 29, 2016

Gotcha with balance transfer is that any amount that you pay is first adjusted for minimum balance and then your balance tarnfer. This effectively makes your purchases at very high intrest unless yo pay off your balance tarnfer quickly, So even with no fees balance transfer, watch out for Ts & Cs and its implications.

DebbieJuly 29, 2016

I am a Sam’s Club member and have the I have the Sam’s Master Card.
I get 5% back on gass ( except at Costco) 3% back on travel and eatting out and 1 % on everything else and no fees. I carry no balance. I use this card for everything I can and I got a rebate check in Febuary for $440.00 I love it!

SteveJuly 27, 2016

Beware! The 0% transfers are NOT zero percent. Nextadvisor is ignoring the “fee.” If there is a 4% fee, since it is paid (added) at the beginning, it’s really ~4.3% annual rate.
Shame for not telling the fees! Beware the fee.

JeffJuly 25, 2016

Oh sure but, they blast the hell out of you with stupid high interest rates!!!!!!

Mike WarrickJuly 23, 2016

Since 1993 I have been with Chase CC, their Visa card and they have been amazingly wonderful!!!!!! About 8 times they have called me to check on an attempted purchase which ended up being someone attempting to falsely use my CC, so that has really been impressive from Chase CC!!!!!!!!!!!!!!!!!!!!!!! Mike Warrick

joel gilbertJuly 17, 2016

how can you not have VISA on the list?

joel gilbertJuly 17, 2016

how can you not have VISA on the list!

John maxwell StonhamJuly 15, 2016

Twenty five thousand would be nice.

kristine m. listonJuly 15, 2016

I am a retired kitchen aide and now i am a homemaker/house wife and i have 5 kids and 4 grand babies and i enjoy my family and my friends!!!!!!

agata deliusJuly 14, 2016

I have a fico of 828 and never pay interest on any card because I pay off balances every month.

agata deliusJuly 14, 2016

Costco citi card no fee

agata deliusJuly 14, 2016

If you are Costco or sams club member no annual fee cash back on dining 3% all other 1%
capital one no fee and no international fee cash back 1.5 all purchase initial signe up $100 after spending 1k in 3 month got my $100 as soon that I paid my first bill.for your revard you can get get gift cards
So as you can see we never paid annual fee

Amx black userJuly 12, 2016

I carry around an amex black card just to get pu$$y. The ladies see it and the panties just come sliding down.

John DubielJuly 9, 2016

where does a person get a credit card where the money is just installed

gary stoltzJuly 5, 2016

I would have done the same thing

David FrancoJuly 4, 2016

Credit is great and should be used carefully. For an entrepreneur or business person it is great for getting temporary cash which will be repaid quickly with proceeds from the investment or project.

Rob YoungJuly 3, 2016

I got the CHase cards (freedom and Slate) and getting the $2oo back (freedom especially) after spending the correct amount was a nightmare. Back and forth and back and forth it was like they were hoping I would forget about it or just give up.

GEORGYJuly 2, 2016

Do NOT trust ANY bank ANYWHERE in the world – IT IS MOST SOFISTICATED establishment OF C-H-E-A-T-I-N-G! There ARE not “good” banks – THEY ARE ALL B-A-D!! It doesn’t matter what kind of transaction will you do – THE WINNER IS A-L-W-A-Y-S BANK!!!

johnJuly 1, 2016

I have a fico of 817 and never pay interest on any card because I pay off balances every month. I use cards to keep track of purchases not to run up a bunch of debt

Lawrence in Los Angeles CAJuly 1, 2016

Hi Sue, Is your score 850 out of 850 or 850 out of 1000?

DanJune 25, 2016

I pay a bunch of money each year for some cards, like the amex platinum card I have had since they were intro’d in the 70s. I’m keeping that one, but I also pay for an Advantage card(Citi) and a United MP Card(Chase…I’m a million-miler on United), but airline miles aren’t as valuable to me as they used to be now that I’m older. My score is over 800. Does anybody have any experience with trying to covert an annual fee card to something like the Citi 1% on charge, 1% on pay card from the same bank, without screwing up the credit rating?

johnJune 25, 2016

I like the Citi double case card 2% cashback on everything. (1% on purchases and additional 1% when you pay off the purchase).

sandyJune 24, 2016

why would I want to pay an annual fee?

Arthur NaimanJune 23, 2016

Why don’t you mention the new Citi card from Costco? It’s better than any of these.

Sue PanozzoJune 17, 2016

I have an excellent credit score: 850. I applied for the Barclay card because I was going on a trip and if y0u spent $900 in the first 3 months you got back $200. That part was great because I purchased airline tickets. However I was also under the impression that the first 12 months were interest free if paid on time. I received my first statement with an interest of 15.24%. I thought surely this was a mistake but according to who I talked to it wasn’t. I wouldn’t have put my trip on this card if I had known as have other cards with 0% interest.I expressed this to the representative and even though he was pleasant said he couldn’t change it to 0%. I have a hard time believing that and will not be getting any more of my business. I told him I was going to transfer it to another card with 0%. Am not going to pay 15.24% when I can have 0%. I am very disappointed in this card and would not suggest doing business with them. I couldn’t believe they didn’t even try to compromise in any way. I transferred part of it and paid for the rest. I refuse to pay such a high interest rate. Just be careful if you decide to get this card.

Bob99June 15, 2016

@dwight lang You wrote: “what kind of a stupid question is this?” Since you did not provide any clue as to whom you were speaking, I can only assume you were attempting to provide an illustration of what a stupid question looks like. To which I have to say “Job well done”.

Gary LinnJune 15, 2016

I personally have all of these cards and pay any and all off every month. I keep an 821 FICO score and there is no need for any more cards; first, my wife would kill me if I apply for any more. Enough is enough!

Donna D. ArmstrongJune 13, 2016

I have had same credit card for many years. I do not carry any balance, pay my bill in full and on time every month, and all 3 credit agencies grade me well over 800…what can you offer me, as you won’t make any money on me?

BpollenJune 12, 2016

You don’t state the qualifications or requirements for any of the cards. Is this article just advertisement for the cards?

Jo FullerJune 9, 2016

Great article – especially for Seniors or anyone on a fixed income!!!!!!!

JoBeth ThomasJune 8, 2016

I have to say this about receiving a new credit card. Let’s use Discover for one. You accept their offer to take one of their cards. You have a score of 785, pay your bills on time, 2 late payments in 2007, reason, your spouse was very ill and passed away in 2008. Not because you don’t have the money, because his health and hospitalization came first at the time.
Now, You would like to have Discover because you have had Sam’s Club for years and the credit card would help. NOW the problem, Discover goes to Credit Bureau to check on you and boom, down goes your score, 30 to 40 percent. you don’t want this because you try very hard to keep your score up. So I say NO, To take your card lowers my score, they say only about 3 or 4 months, HA, try 6 or 7 months and then you have to remind them. Sorry Discover, I don’t need your card that badly even though it would help with your Sam’s Club.

Danny BoyJune 5, 2016

I have some of these already but beware of Slate. They approve you for a minimal amount that doesn’t even come close to the balance you want to transfer…I canceled ASAP since their “free” offer was useless.

dwight langJune 4, 2016

what kind of a stupid question is this?

care citizenJune 3, 2016

My worst experience ever had was AAdvantage Barclaycard. Unprofessional, unethical, and very very sleaze. Trick you into late fee and interest charge. Congress really need to look into public’s interest and make an thorough overhaul into this industry and it’s practice.

David ShafferJune 3, 2016

If you want a good credit card AND you pay off your balance every month, check out Fidelity.com. You get 2% back in cash on every purchase. All you have to do is link the refund to a Fidelity account.

Machine Vision Lenses GermanyMay 25, 2016

i want to read again and again…

Stephen nearyMay 23, 2016

Good article for guidance. Thank you.

Debby rodriguesMay 21, 2016

My favorite for customer service and travel is DISCOVER CARD. No international transaction fees ( I buy my meds thru Canada) and 1% back…gift cards thru promotions is great. Like 45$ of points gets you a 50$ gift card at Paneras. CS is THE BEST too.

Phyllis RogulMay 16, 2016

I am interested in the Citi Diamond Preferred Card

dr, kent nortonMay 16, 2016

WAIT TIll negative interest hits; how will that effect credit cards

Prudent OneMay 15, 2016

Have to laugh at people complaining about the interest rates charged by credit card companies. If you don’t carry a balance, the interest rate is irrelevant. Just pay off the balance every month!
:-)

Brenda EidMay 15, 2016

peace
NO CREDIT report upon CORPORATE BUSINESS non excellent credit score is why,,,Better business does not get envolved in CORRUPT BUSINESS unpaid CONTRACT yearly = organized priviledged criminals uninvestigable

Dan BMay 15, 2016

These cards are ridiculous!
the bank will pay you close to nothing on your savings account, how dare they ask for anything over 5% interest!

Keep your “Top 7” to yourselves, I am staying with my old 8.99% (too high as well) credit card.

Garry F LoganMay 14, 2016

just seeing if I can get it

MrsjdtMay 12, 2016

James Smith Good for you with your savings and debit card use. But, using a debit card does nothing for your credit status. Might not matter to you; just sayin.

JohannaMay 11, 2016

Yes, these financial companies want you to spend spend spend on a load of crap you don’t need. They’re even teaching kids in high schools today that the first thing they have to worry about, instead of a savings account, is their credit score. What a bunch of horse hockey! So now most of the nation consists of credit slaves who will spend their entire lives in debt.

AlexMay 11, 2016

They are missed American Express Centurion:)

Ed StanlayMay 10, 2016

The problem with all of these balance transfer cards is that you don’t know what credit limit they will give you and they won’t tell you up front. Most of the time its not enough to transfer balances that you might want to transfer. Chase is the worst. Very stingy with credit limits even with great credit scores.

missquietgirlMay 7, 2016

Great site

OgbeMay 6, 2016

This is bad

WRTMay 5, 2016

James Smith, 4/29 commenter, congratulations on your emergency fund. However having that money in a safety deposit box earns no interest.>>> Do an internet search for bank bonuses checking account bonuses, etc.<<<
I use Hustler Money blog and Money's My Life. I just got a $300 bonus with a new Chase checking account. I'm in the process of getting a $150 bonus for a Bank of the West checking account.

MKMay 3, 2016

why would anyone care about APR when they have good credit? if you have good credit, that means you are paying your bills on time, so APR should be the last thing you are concern about. Btw, AMEX Bluecash preferred is an amazing credit card.

pbMay 1, 2016

Try this on for size:
1. Open a fan duel account
2. Open a citi 2% back card
3. Move $ from citi to fanduel — lists as a purchase.
4. Close out fan duel account…balance is transferred to your paypal account (linked to your checking account)
5. pay off your citi with proceeds. Citi pays !% for purchase and again when paying in full, so…
6. RESULT 2% round trip for FREE! That’s $500 on my 25$k limit. (Rinse and Repeat, $6000 per year)
Is this illegal? I dk. but doable.

PamelaMay 1, 2016

I have had a Citi card for years. Always paid in full and on time. I got a diamond card in the mail. About a week or so I got notification from them that they were closing my account FOR NOT USING IT!!!!!!!!!!!!!!!!!!!!!!!! I guess they really don’t want good premium customers.

James SmithApril 29, 2016

I have not had a credit card for almost 20 years. I did have an Amex card which had to be paid off every month. Now, I have two debit cards from different banks (complicated story). They cost me nothing and I only buy what I can afford that very day.

Using this plan, I have over $13,000 in cash savings in a safe deposit box for emergencies. No, I am not wealthy but I am not stupid financially.

TimmyDApril 28, 2016

Free yourselves brothers and sisters. The borrower is servant to the lender. Budget your money and pay yourself as our ancestors did. It is such a liberating feeling to live without any debt.

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Cee JayApril 27, 2016

I set up an auto pay in my electronic checking to pay $2,000 every two weeks. Then I put everything on a Chase Southwest card. That way I never pay interest, and earn a lot of airline miles, which we use. I doubt this is the best deal I can do, especially with the annual fee they charge. I know a lot of people over eat, but that doesn’t make grocery stores evil. I know a lot of people spend money they don’t have, but that doesn’t make me judge the credit card companies. Use them as a tool don’t be a tool.

JadeApril 26, 2016

I have three of the seven cards listed here: The Chase Sapphire Preferred, AMEX Blue Cash Preferred and BOA Cash Rewards Preferred. I’ve had the BOA card for years which has worked great for me and added the Sapphire and AMEX to the mix just recently. Based on my spending habits I expect to receive a year one 9.5% return on the AMEX and year one 7.1% return on the Sapphire taking both intro bonuses and annual fees into consideration (Sapphire fee waived first year). I was averaging about a 2.5% return on my BOA card (including 25% redemption bonus). After the year is up I expect to keep the ol’ reliable BOA card and the Sapphire since I eat out and travel a lot. Will probably nix the AMEX (cellular bonus ends) and see what other offers I can find out there. If you pay your balances off completely every month, credit cards really can generate great benefits for you when used for every day expenses. Just don’t spend beyond your means and be responsible!

stgcretApril 26, 2016

What the article doesn’t mention is the 5% balance transfer fee they charge. So, if you transfer $5000, after the 5% add-on, you now owe $5250. When you divide the $250 fee by 15 months, that is $16.67 a month and if for 18 months, it’s $13.89 a month! So I ask; how is it 0% for 15 or 18 months???

KDWApril 26, 2016

Here’s an idea… How about ditching credit cards altogether and living within your means? Ask any self-made millionaire how they achieved their success, and you can be certain it will have absolutely nothing to do with how they used credit cards.

These banks are playing Americans for suckers, just like the casinos and state lotteries. If you think you’re being clever by playing with credit, you’re fooling yourself.

If you want to someday retire with dignity, spend your time and energy figuring out how to grow your investments, not game the credit sharks.

Sean DurkeeApril 26, 2016

Every one of these banks were involved in the big bail-out When the dollar is in big trouble & still is! This is just another attempt to save there hinies on the backs of there customers. I’ve belonged to at least 3 of these banks in the past & the best thing that ever happened was when I dropped my membership.

magnusflApril 26, 2016

I totally agree on the Citi double points that should be a mandatory card in your wallet and I agree the BOA is the best over all gas card as while there are other that give more such as chance freedoms 5% but it not all year as the category’s keep changing and the assume 10@ back from it card on gas in the first year it only for the first quarter so this BOA card is the best but get the wildlife one as it the same perks but it also give a small donation to the wildlife fund also I add one which is the Marriott as you can get up to 80k points with a cat4 coupon no annual fee the first year after that it 85 a year with a certificate for up to a cat5 stay and with there merger with Starwood just seriously increased the number of hotels in there system and 85 many sound high but there are no tax’s or fees which can add to you hotel bill as hotel tax can go as high as 17% plus local bed fees

Mark ParsonsApril 24, 2016

Blue cash American express is the stupid card, they didn’t give hardly anything. They don’t consider any grocery stores in west coast is grocery stores. They only consider the East coast grocery stores are groceries stores like Pathmark or Shoprite. All the big stores are not in their list from west coast and they didn’t even add on their lists as well like Fred meyer and Safeway. The other things about the petrol they didn’t even consider any groceries stores who are also selling petrol as a petrol station or gas station , so they give you 0 points. If you go fill up the petrol from like Costco they will give you nothing. You have to fill up the petrol only from the petrol pump live Chevron, texaco etc. I stop using this card, I only use it because in Costco you can’t use any other card, this is the only store to fill up the petrol I use it.

Louis FLORESApril 23, 2016

How do I forward this to my sister. She has cards with high balance that she pays from 14.9 to 18.9 % interest and needs to get cards with 0% so she can pay down her principle. She has a great fico but needs to make some moves so she is not so tied up.

Flick O' Deez NutzApril 22, 2016

lol

Republicans WhineApril 20, 2016

You know for a party that allegedly hates playing victims, the republican party sure does like to blame other people for their shortcomings “ernie”. A perfect name for a republican. The world would be a much better place without you and your ilk in it.

BRIAN MCCANNApril 20, 2016

i did them all …. and attempted to double dip on the citi card…. they shut me down saying that i already had a their card…. can i cancel all these cards and then do them all up again?

REApril 20, 2016

What is considered “excellent” credit?

Jim RossApril 19, 2016

Used a cash back credit card for a remodeling project. Gives you protection. Pay it in full every month. Beware if a company won’t take one.

NedApril 19, 2016

I have lousy credit and recently got the Amex Blue Cash Preferred and the Chase Slate. I’m buying nothing but groceries with the Amex and paying it off immediately to get the 6% cash back (actually a credit on the billing statement).

Drum8rApril 18, 2016

Love the stupidity of the Republican who wrote it must be a democrat who wrote the article –News for you, Can’t blame everything you are unable to accept on the opposite party..

SolApril 17, 2016

I used to have a chase slate. The APR was outrageous I returned it after three years of use. Now I see it is listed here. The higher rate you pay the higher your credit score is. I won’t regret canceling it. :)

John NolanApril 17, 2016

I would like to get special treatment for my high rate.

ernie nolenApril 16, 2016

First of all if you have the ability to have one of these top seven cards, then when in the hell do you need them, pay cash. Second of all I have one card at 3.0% for six figures so unless I want to impress somebody why would I need one of these. This is a stupid article and it must be a democrat who wrote it

SherryApril 16, 2016

I pay my Discover Card payment in full every month and never carry a balance. I also use it to pay my monthly bills…why not get cash back for paying bills that I would be paying anyway? And I don’t pay an annual fee to have a credit card…no way!!

SherryApril 16, 2016

I can’t believe Discover Card wasn’t listed – they give % cash back and no annual fee!! I refuse to pay a fee to have a credit card.

DanApril 12, 2016

The Sallie Mae Barclaycard is not available anymore.

PhilApril 10, 2016

” I REFUSE TO PAY ANY ANNUAL FEE DOE ANY CREDIT CARD”

LOL…I would to. So I dont but I do have the AMEX blue card. Gives me a $150 credit intro bonus for spending $1000 in the first three months. Very easy to do. Then get 6% cash back on grocery store purchases. Pay the bill in full every month, pretty good deal.

Richard BoyleApril 9, 2016

Rule of thumb #1: If you can’t pay for it in cash you probably don’t need it at all.
Rule of thumb #2: If you MUST use a credit card then make sure to pay off the full balance each month to avoid the huge interest charges (sometimes as high as 25%).
Rule of thumb #3: Ignore all “come on” promotions made by credit card companies. Remember that they are in business to make huge sums of money on the basis of your gullibility.
Rule of thumb #4: Never use credit cards for impulse purchases. Never!

Nancy GApril 6, 2016

I appreciate the info about these credit cards, but not the criticism of others’ spelling. Mr. Wad wrote: “You’re crying about illiterates and you can’t spell really?” Well, Mr. Wad, apparently YOU can’t spell really. You’ve written “really” as “relly” not once, but twice. Your spelling isn’t perfect, so don’t criticize others.

Jay MenloveApril 6, 2016

If you are carrying a balance on any credit card you are stupid. They have incredibility high interest rates. I put 95% of my purchases on cash back credit cards. I pay them off every month. Bank of America is the best card. 2% on groceries and 3% on gas, And 1% on everything else.
. If you have a BAC checking account and have your cash back transferred to it they will add another 25% on to your balance. Their is no annual fee.
If you can show some restraint and save money so you will have money to pay off these balances monthly you will save hundreds of thousands of dollars in saved interest over a lifetime, to invest or enjoy.

MattApril 5, 2016

You are not financially responsible UNLESS you’re using a credit card for every purchase. Why? Because you’re leaving money on the table everytime you pay with cash. Pick a rewards card or cash back card, charge EVERYTHING you can…the larger the better. Then pay off your card a few times a month. Treat your credit card as a cash surrogate. Don’t be stupid. Take what these credit card companies are GIVING you. I earned $3000-$4000 in cash back and travel bonuses last year from normal spending.

Paul SacksApril 5, 2016

I have an American Express “senior” card for many years and pay in full each month. My monthly statement runs between $2000.00 and upward. I keep getting notices from AmExp about their Blue cash perfered card and after reviewing the information I called to switch to that card. I was told that I cannot transfer from my current card to the Blue card but I have to open a new card and then I would have two cards with AmEx. If they are spending so much time and effort to have people take this new card why are they making it so difficult ?

ERNEST ORLANDOApril 5, 2016

I REFUSE TO PAY ANY ANNUAL FEE DOE ANY CREDIT CARD!!

JohnApril 5, 2016

I recently tried to transfer my cc balances to Chase slate, they approved / offered me more credit BUT would not go through with my transfer request, stating that the $ was over the limited… It just so happens that the request fell under the publicized # ??? So much for that…….

Johnny WadApril 3, 2016

You’re crying about illiterates and you can’t spell really?? What a dork!

However, what relly gets me is the fact

Surrender?NUTS!April 3, 2016

Some very good thoughts expressed above and heed the advice proffered in the “large print/small print” implication. However, what relly gets me is the fact that half these respondents can’t spell or structure a decent sentence. My guess is that anyone who has graduated from high school in the last ten years is in dire need of a remedial spelling/English grammar refresher course. Please, drop the word “dude” from social intercourse and the verb ‘whine’ has an H in its spelling!

johnApril 2, 2016

card companies do not charge vendors 5%-8%…..its usually in the 1.5% to 2% range…..if u have high credit card debt but with a good credit score the 0% on rollovers is good…it will save u hundreds if not thousands of dollars. The key to any of this is discipline….dont use the card u rolled out of while paying of the 0% card. i know that is often hard to do….but u must.

Heywood JoblomeApril 2, 2016

ali Posted on 2/16/16 the virtues of Barclay`s sally Mae MasterCard due to its 5% Cash Back on lots of purchased items (plus) no annual Fee. Ok, guess he forgot to mention the APR of this particular Card varies between a (low) of 14.24% and a (high) of 23.24%. Barclays also offer a “Ring” MasterCard with minimal Cash back benefits that go to the “Charity” of your choice plus no annal fee. Its APR is currently 8.25% just raise a quarter point thanks to the Fed bump. You do the Math!

James 42April 2, 2016

DOUG’S quote is the most profound statement I’ve heard in years “Large print giveth, and small print taketh away! “

dougApril 2, 2016

In a post by John he mentioned that vendors are charged 4 to 8% vendor fees. Reality: I was only charged 2.2% on Visa/MC and Discover and 3% on AMEX. You need to swipe or not insert chip and yes the $$ is in the account immediately. Just remember there is no free ride in anything, read the fine print- big print giveth and small print taketh away! Late fees and overbalances on ANY card will punish you badly. Carrying large balances will impact your FICO scores. Pay off all cards every month and you will break the bank.

Tony CastilloApril 2, 2016

If you are wanting a higher credit score, co-mingle your name with an account with someone with a higher credit score. I have seen this work twice. I had a credit score of 720 and then it went to 840.

BobsApril 1, 2016

My, my my. All these student loans that need to be paid off at super high interest rates. It took me 5 years to graduate. Mainly because I didn’t go to school full time. But I did work 4o hours a week and paid my own way through college. What’s the matter with all you lame brain idiots. The world is not a freebie that your parents should have to pay for.

chrisApril 1, 2016

Dude wake up everyone needs to make a buck, quit your wining!!!

JohnApril 1, 2016

I was led to this article and discussion forum because of false advertising, viz. $625 intro bonus, 21 months 0% APR and 10% cash-back, which is too good to be true. For those who still don’t understand how credit cards work, I’ve got two points to make. First, the credit card companies (i.e. banks) charge the vendors 4% to 8% for their credit facilities and vendors often receive their cash in their bank accounts within hours of submitting their claim for charges (usually online), which is very convenient for the vendors, as they save the man-hours to count the cash and deposit into the bank without the risk of being robbed. Depending on their own credit rating as a business and their minimum monthly deposit requirements, the vendors can obtain a further discount on their rate to as low as 2% (maybe even lower), which is why some vendors offer cash-back on your purchases, in order to ensure they meet their minimum charges and also, to further reduce the handling of cash. That’s why smaller and individual vendors require a minimum charge of $5 or $10 before we can use our debit or credit cards. These credit card companies are rip-offs actually, to charge the vendors even for debit card charges (which are free outside of the U.S.) because there’s no credit extended for debit card charges, as they are debited immediately from their bank accounts. Second, in this day and age, it’s advisable to carry limited amount of cash and avoid impulse spending, so we should use credit cards for all our purchases, as far as possible (if there’s no charge involved), but we must avoid using it as free cash or accumulating credit balances, i.e. we must settle the total balance in full every month before the due date, so that we don’t incur interest charges for the entire balance. That way, we don’t have to carry cash for our purchases (except a small amount for unexpected spending or in case, we’re mugged or robbed, to avoid being stabbed or shot by robbers who hate to go away empty-handed) and we pay for them in full after we receive our monthly statement before the due date (usually within 25 days). Our record of making full payment every month will improve our credit score. If we leave any balance or part of it unpaid, we get charged interest for the full balance in our next statement, so please ensure that the balance is paid off every month, if you’re using credit cards. That’s how most people accumulate credit card debt, by failing to settle their monthly balances in full or worse, by making cash withdrawals from their credit cards. I have some 12 different credit cards, all with different credit limits, and I carry 3 cards in my wallet by rotation, in order to build up my credit score (around 800 now), because my monthly credit used is a very small percentage of my total credit line. Please know that your credit score will lose points every time you apply for credit or there’s any enquiry on your credit score, which is unfair and stupid, so you should have a minimum of 3 months or better yet, 6 months between each credit enquiry or credit application. As an example of how useful having a high credit score is, I was recently issued a new mastercard by Sam’s Club with a credit limit of $2,000 but after 3 months, it was bumped up to $12,000 automatically because I settled my monthly balance in full and my credit score is high. I may not need a credit line of $12,000 (as I’ve other cards with $100K, $25K, $20K, $16K, etc.) but these credit lines will come in useful when there’s an urgent need for immediate cash, which I can pay off within 25 days of my monthly statements. Over the past two years, one of my sons and one of my daughters each purchased a house and they needed help with their closing costs, so I used my credit cards to pay for them and they re-paid me within a month. Use your credit cards wisely and it will help you improve your credit rating. Only in America can anyone purchase a car and drive off without paying a single cent because of our credit score. Banks are desperate to lend their funds because they can’t earn money if they don’t lend but they will only lend to those with a good income and good credit.

Nerd BoiMarch 31, 2016

AHHHHHHHHH

BenMarch 30, 2016

None of these cash offers can offset the interest you end up paying for credit card debt. Instead stash some money away for a rainy day…

~anon~March 30, 2016

nice

Steve ThomasMarch 26, 2016

Please know that in most cases the financial institutions that issue the “rewards” bankcard are not paying the rewards fee(s) to the card holder…those cards are for the most part set at higher “interchange” fees that the businesses whom consumers have used those cards are the ones getting tagged for the “reward(s)” $$ going back to the consumer and in order for businesses to cover that additional expense of those “rewards” cards they quite often are forced to inflate the cost of their goods/services…so the end result is that the consumers end up paying more…..for less.

S T EMarch 26, 2016

Roberta, is your daughter not working? Is this a private loan or through FAFSA? S A is right . She has to make the payments . Did you cosign with her as then primary borrower or is it under your name? This loan should not stop you from retiring if you desire to do so. Are you the only one making the payment or is your daughter sharing at least? You need to require her to pay a portion of it and then eventually shoulder all the payments .

Leslie and Liam… Glad to read about people doing the same thing I have been doing… And enjoying rewards whether cash or travel:))
May our tribe increase!!!

LeslieMarch 25, 2016

I agree with Liam – you can have a high credit score and let the banks pay you. If you pay off your card ON TIME each month, collect the rewards and make money. I pay everything I can with my rewards card during the month and then pay them at the end of the month. I have never paid the bank interest or late fees and they pay me an average of $500/year in rewards. Needless to say, my credit score is 800+

Liam O BrienMarch 25, 2016

My credit cards are paid in full at end of each month . So I know exactly where and how much I paid on each spend . Using cash for me, would be a nightmare. Also any disputs with merchants, I throw back on the bank to sort out.. never had a problem in 15 years. I think my CC rating is in the mid 800’s. Bonus is lots of FF miles I use on trip to Europe.

Dennis PriceMarch 24, 2016

I have two friends that have a zero credit rating because they never bought into the credit score game, They use cash. They say having a high credit score just means you are a good little slave that has paid tons of fees to banks over the years. Those of us we 800 ratings just means we bought into the credit scam. I really admire people that opt out and pay cash.

sharilynnMarch 24, 2016

Hi, I also have a student that has taken out loans. I did not sign for him however I am helping him pay his debt. We just paid off Sallie Mae and are now working on the next one. He has 5 total. We qualified for .25% automatic debit disc. That means if you set up an automatic payment withdrawl of say $25.00 a month they give you .25% off the interest. (So we took that). So he pays $25 a month and I match it. Then we took out a credit card in his name and I use it to pay all my bills. It earns 3% cash back. I simply jump on line every week and pay it just as if I was using a debit card not using the credit part at all. I am going to repeat that . DO NOT USE IT AS CREDIT. IF YOU DON’T HAVE THE MONEY THEN DON’T BUY. This takes discipline. ok
That was important. Here is what I pay, electric, statefarm car insurance, wi-fi bill, groceries, gas, and everything else I need. My water bill will charge me if I use credit. Okay so now I have spent $2000.00 on bills for the month. 3% of my bills = $60. We add that to his $25 and my $25 and we are making a $110.00 payment to this loan. When his taxes come around we add on and in summer he bumps his payment up to $200. We just paid off Sallie mae and the next loan is only $2000 it should only take us a year. I hope this helped.

S AMarch 23, 2016

Roberta from Ohio…. MAKE your daughter pay for the loan!!! Parents must not put themselves in debt for their children’s education. Is your daughter not gainfully employed? I feel sorry for you. Now you get to pay the consequences. Suze Orman would recommend the same.

BarryMarch 23, 2016

A new credit card came with a new purchase. Went to activate, credit score above 700 and my interest rate they offered was above 24%. Cut up credit card. I will not pay an interest rate that pays for other peoples default.

Roberta ArmstrongMarch 23, 2016

I am looking for the best way to pay off a student loan that I took out for my daughter. I’ve been paying on it for four years, and the principal has not changed. I am a 60 year old school librarian, and I want to retire. I have looked into the loan forgiveness program offered here in OH for teachers who work in poverty-stricken rural schools, but I do not qualify. My question is should I borrow the money from another bank and pay Nelnet off, or should I wait to see if the government will make any changes to these high interest rate loans. Currently, I owe around $40,000 at 7.99%. Thank you!

Joan SmithMarch 22, 2016

Do not get the Sam’s card and have to deal with Syncrony Bank. They extremely rude and do not offer any type of help should you need it. I lost my card for Sam’s and they were just terrible and only got worse. I’ll pass on the 5% back on gas so that I never have to deal with them again.

JimMarch 21, 2016

Best card is Sam’s Club Master Card. 5% on gas, 3% on dining and travel and 1% on everything else. No annual fee.

eugene hugginsMarch 17, 2016

no

BobMarch 16, 2016

Do wah diddy diddy dum diddy do

Ralph KramdenMarch 16, 2016

The “Sand Bar Yacht Club Gold Card” (Detroit, MI), pays 1% back on all purchases, and is good for one complimentary lap dance at any of three different Detroit strip clubs per month.

John in KYMarch 15, 2016

Someone asked about a PenFed card. I have had it for years, it pays 5% on gas purchased at the pump. I have been happy with them . It used to include phone insurance….they stopped that.

JesseMarch 15, 2016

Itchyfish is right. It appears that continuous balances on credit cards, regardless of whether they are paid off every month, or a continuous line of credit balance keeps my credit score at 835. Applying for another credit card seems to drop it 10 points; apply for two and it goes down 20 points. I doubt if that really matters; once you get close to 800 you have excellent credit. It is more important than you think – you pay less for car insurance for one thing.

Stacie RobertsonMarch 14, 2016

Why should the credit card companies care about the rewards they offer? They don’t pay for them. Most people don’t know that the cost for processing credit cards and all of their attached rewards and benefits to cardholders are borne on the backs of the retailers who accept those cards. Nothing costs the credit card companies or the banks that issue them a single cent. I operate a small business and anywhere from 2.8 to 3.5% of every sale transacted with a credit card, comes directly off of my bottom line. They’ve trained the American consumer to use no other form of payment but their cards by offering them these rewards. Knowing full well they can offer them anything they like it, cost them nothing and the stupid retailers have no choice but to put up with it! How the hell this terrible system got started is beyond me, but I would love to know. I am a fifth generation small business owner, and proudly so but I’m disgusted and appalled by this credit card secret nobody seems to know or care about.

JimMarch 12, 2016

Has anyone heard of the PENFED card from the Pentagon Federal Credit Union? It looks like it has some g0od features.

Daniel Paul JohnsonMarch 12, 2016

I have had a chase business plus Visa, however the only reason I took this card was that I was allowed Lounge Club privileges . 2 years later they took this away I am looking for a credit card that will allow Lounge Club. Appreciate your help.

Casimo Allesandro BongiornoMarch 12, 2016

thanks for your concern

Casimo Allesandro BongiornoMarch 12, 2016

I would love to build grate credit thanks for you concern

Lawrence MellorMarch 11, 2016

These credit card offers really can be a bonanza for a cardholder who really does not need credit. The issuers count on providing credit to inexperienced borrowers, i.e. Those who are less than vigilant in complying with the details of the contracts pertaining to the loans to which they have agreed. This being the case there can be really large penalties, as well as very high interest charges for those who do not watch, very carefully, and then comply with every detail of the contract to which they have, knowingly or unknowingly, agreed.
On the other side of the coin for those who are very experienced in finances, and have the means to pay off the debt on time or, better yet repay early, or even to repay to the total debt as soon as they have reaped the benefits described in the first few descriptions of the credit card bonanza, these recent credit offeres really are a cash bonanza. But beware, even experienced borrowers can fall victim to details.

ItchyfishMarch 11, 2016

Busytown — you might want to lower your credit limit for a few reasons.

1. To protect yourself from over spending / over extending yourself financially
2. If the cards are compromised / stolen, there’ll be less of a credit line for the theifs to spend and depending on your bank you might be held responsible for some of the money spent by them.
3. Your limit has nothing to do with your score rating, it’s length of time you’ve had the credit accounts that they monitor.

Just my 2 cents.

ItchyfishMarch 11, 2016

DetriotPC – I would love to see the proof that you have a perfect score of 850 with carrying any balance on any credit card, it’s mathmatically impossible.

I don’t have a balance on my card and I can’t get above 810. (and yes, every single bill I have is paid on time or well in advance) I purposely don’t have many credit accounts, I have no need to. In actuality, when you use them it will start lowering your credit score. My card has a $23k limit, if I spend $500 on it – I’ve seen my credit score drop 2 points. I can’t imagine how far it would drop if I put a few thousand on it. Credit cards should only be used for an emergency folks. Try using an application like Quicken to help you manage your money and setup a budget – you wouldn’t need credit cards unless it was a true emergency.

Just my 2 cents

PatMarch 10, 2016

Whatever you do – do not respond to a TD bank mailing offer for a credit card. They send you a great offer then when you apply, they switch the cards to one that has nothing to do with the one you have applied for. I now have a credit card that I do not want and refuse to use because they totally switched card to one that had completely different benefits that I don’t use and will never receive benefits from.

DianeMarch 5, 2016

Its a joke…these credit cards are a waste of time..because I have 5 cards now my score dropped..and to tell me you can use more than 30% of the limit is a joke also..If your paying every month on time wether your at your limit or not should help with the scoring..

roseMarch 3, 2016

Actually DetroitPC…credit usage should never remain over 30% of your limit (not 50%)…anything over 30% affects your credit score. And it is not the number of cards that hurts your score…it is the age…payment history and usage of them.

ObnoxiousMarch 2, 2016

Have or had excellent credit.

DustinFebruary 29, 2016

DetroitPC, I don’t believe all of your tips are entirely accurate. It feels like they are general theories for what worked for you. The details of how a credit score works is much more detailed, including the different scoring models. You didn’t mention where your scores came from. I’m not going to get into all of your points, even though I think many are once again theories of what worked for you, but here’s one. Having more than one credit card doesn’t bring your score down. People usually have multiple cards when they maxed out other credit cards, which might be the reasoning for the lower score. Not all do that and still may carry multiple cards. Scoring models actually tell us more accounts equal more credit and credit history. It’s how you handle them that counts. Having different types of credit (not only credit cards) affects your score as well. It’s good to have a nice variation of credit cards, installment loans, and even a mortgage to show your creditworthiness. I’d recommend heading over the myFICO forums or perhaps Credit Karma for more information.

personFebruary 28, 2016

Those cards rock. I was all excited to see the 6% cash back one, then I saw why. American express :(

Gerry PoleskyFebruary 27, 2016

I don’t understand why people are attracted to credit cards that award points we will never be able to use for flights. I have hundreds of thousands of points earned from using my different credit cards but am never able to locate a seat on a plane. I love it when they say you will be provided with sufficient points for two tickets yet I have been trying for several years to use my points and the airlines never have any availability or they only have one seat and I can’t take anyone with me. Oh, and we have to continue using our cards else they cancel your points after a period of un-use. Why can’t we get the airlines to provide more seats?

BusytownFebruary 25, 2016

DetriotPC, can I ask why you had your limits lowered to under 10k? I understand the management aspect but didn’t think having higher limits was detrimental to ones overall credit score.

karen ann perez (nezat)February 24, 2016

interested in credit cards and how they work.

DetroitPCFebruary 24, 2016

Addition to what I said earlier. All my cards had a limit over $10k. After paying them off Citibank and Chase Bank raised my limits on their cards to over $20k each. I called and had both lowered back to $9k. I have three cards now, Citibank card with a 9k limit and a 10.9% interest rate, Chase Bank card with a 9k limit and a 11.9% interest rate, and a Michigan Schools & Government Credit Union card with 9k limit and a 9.9% interest rate. The total amount on all three cards combined is less then $3k and my current score last time I check a few months ago was 850.

DetroitPCFebruary 24, 2016

OK, I am going to share my secret with credit cards. I did this years ago and it worked great.

Rules to making your credit cards work for you:

1 – Never let the card get over half it’s limit. If the limit of the card is $1000, never let it get over $500. This is a plus to your credit score. Going over 50% is a negative.

2 – Have no more then 3 cards. Less then 3 does nothing. More then 3 can bring down your credit score.

3 – Always pay at least 3 times your minimum payment or more but never the full amount. This will always help your credit score. Paying your minimum will lower your credit score. Playing your card off in full will also hurt your score.

I had a score of 600 when I left my ex. She had opened cards in my name and used them to pay bills when we were together so that she could save the money in our accounts so that I would think we had cash and agree to vacations. When we separated I had $16k in card debt. I paid it all off in 3 years. I contacted all of the cards and asked to get my interest rate lowered. Then only one to help was Citibank. AT&T and Capital One would not and before I could pay Capital One off they raised my rate (per them it was because all rates were going up… in the end it was only them that raised it). I also used the “free” balance transfers to “0%” interest cards over and over again to pay as little of interest as possible. In the end I had a credit score of 849. I was able to get a loan for a house with no money down, after the market crashed. Having such a high score is the only reason I was able to do that and I was only able to get that score with what I did with the cards.

MacFebruary 22, 2016

I got one of the cards mentioned above. Unknowingly I ended up with a low Credit Limit. The one I had been using had a high Credit Limit. I keep bumping into the credit limit (never exceeding it) and my credit score has gone down 30 points. Can’t get the credit limit increased so I am going back to using my previous card. Be careful what you wish for!

Marilyn JPFebruary 22, 2016

Unless you have a lot of debt to transfer, you may be better off with different cards. Be sure to look at the interest rate when the offer expires and consider whether your balance would be paid in full when the offer expires. I found I could get a far better rate from other cards.

Jill rudekFebruary 22, 2016

Want more info on Barkley card

DotFebruary 21, 2016

FYI In my hometown, we have a store called Xpect. They have everything you can imagine with very affordable prices. When I started using them 25 yrs ago, they accepted cash or check only. Two years ago because of low numbers ( I guess) they started accepting Discover. Well now they are in the process of closing all of their stores. I guess cash only did not work for them. If my post is incorrect, please feel free to correct me.

steve oiferFebruary 19, 2016

Chase Sapphire a waste! They didn’t honor a cancelled plane flight due to illness and sent me to their insurance carrier instead. Cost me $85 in 10 postage mailings and no re-booking costs recovered. They are the WORST!

Eileen R FlintFebruary 19, 2016

I also would be interested in the AE Platinum business cash card, with $300 rebate after
spending $1000 over three months. Would welcome further info!

AliFebruary 19, 2016

I think most of you are unaware of Barclay Card otherwise would not promote mediocre rewards! if you had to choose between a card that gives you 5% cash back on gas, 5% on groceries, 5% on Amazon and book purchase with no annual fees, all together in one card would you still promote AmEx, BoA, Citi, Etc cards?!! I guess you wouldn’t! This card is BarclayCard SallieMae Mastercard!

MickinMDFebruary 18, 2016

Chase Sapphire is a card to own and use for travel purposes if you travel a lot. I assume it’s a Visa since Chase stopped doing Mastercard last year. Chase has two other no-annual-fee Visas I prefer own and prefer for general cash-back purposes:
1. Chase Amazon.com Visa. It gives 3% off (cash-back) Amazon purchases, 2% off restaurant and drugstore purchases and 1% off everything else.
2. Chase Freedom Visa. It gives 1% off everything except for 5% off for certain categories in 3-month rotations (you have to sign up every 3 months for free on your online page for that credit card). For example, in Jan-Mar 2016 you get 5% off stand-alone gas station purchases, 5% off stand-alone supermarkets and grocery stores in Apr.-June, 5% off restaurants in July-Sept. Last Oct-Dec. it gave 5% off Amazon purchases.
I own five no-annual-fee credit cards whose statements I pay off completely each month and by using the right card at the right time average 2.5% cash-back. All of them offer at least 1% off on all purchases. The others are Bank of America Cash Rewards Mastercard (mentioned in this advertorial) that’s good for 3% off gasoline all year, American Express Blue Cash Everyday that’s good for 3% off standalone grocery stores (the Blue Cash Preferred is mentioned here but it has a $75 annual fee that its lone standard cash-back advantage, 6% off standalone grocery stores, did not repay the annual fee for me because I get most of my groceries at Walmart or Aldi where the 6% doesn’t apply), and Discover Card which operates much like Chase Freedom Visa: 1% off everything and 5% off 3-month rotating Categories. Last July-Sept. it was 5% hardware stores that saved me much when I replaced my back deck.
The Amex, B of A, and Chase Freedom Visa gave introductory bonuses the last I looked, something like $75-$100 is you charge at least $500 in the first 90 days you have the card.

AprilFebruary 17, 2016

I love this news and I just want to support my school Chestnut Grove middle school in King, NC.

GMANNFebruary 15, 2016

Check out Langley Credit Union credit card. They offer very generous credit lines. I was able to get a very generous line with a Fico score above 700

LynnB.February 14, 2016

I just got the new SAM’S Mastercard. 5% on gas, 3% on travel and meals out, 1% all else….so I use that for gas and travel/eating out, and use my Chase INK to get 1.25% on everything else. Used to use COSTCO’s Amex for gas and travel, but since that is ending, am waiting with great anticipation what the new VISA/COSTCO will offer. Bet it will be as good if not better than SAM’s/Mastercard.

Paula D ForresterFebruary 13, 2016

Thanks for letting me know of the $59 annual charge for the Cap One Venture ca d….guess I will be sure that card is cancelled …..

Maureen WhittyFebruary 11, 2016

I have Chase card ending with #0034. $00/balance. Can I still transfer my US Bank over and not be charged the 3% or $5.00 whichever is greater, along with .00 interest for 15mos. which would be June 2018 if started around March 2016? Thank you!

Goatboy516February 6, 2016

Don’t about the SunTrust Cash Reward card. no annual fee, 5% cash back the first year on Gas&groceries, 2% thereAfter. Or the Suntrust Prime Rewards which offers $0 balance transfer fee for 60 dAys and has a rate of Prime+0.00 for 3 years on those transferred balances.

Jim SullivanFebruary 5, 2016

I have been carrying the Costco AE business card for several years. Now that partnership between Costco and AE is coming to an end I was offered a Platinum Business Cash card, no fee and was given $300. if I charged at least $1,000 in the first 3 months, I did that in first billing period and was immediately credited the b0nas to my account. Plus various percentage levels back ongoing through the year, not built up as an annual payment like the Costco version. Seams like this is a pretty darn good card but I never see any story regarding top rated cards mention it??????

APRFebruary 5, 2016

Capital One Quicksilver gives 1.5% back on all purchases with no annual fee and no fees when used internationally either.

JimbobyFebruary 4, 2016

All these cards are owned by Islam

marvinFebruary 4, 2016

to new options trader The reason your credit score on discover didn’t change is that discovers and experians are not same on any given day my discover can be 755 and if I check Experian it might be 778 to 785 I questioned discover on this and they said its not always updated, the lower your balance is the higher your credit score as long as no late payments.It is calculated as the portion of available credit you are using.So if you pay it off it is higher. Also it helps to have an active installment loan. If you are 750 or above your not going to get any better interest rates or insurance rates(home, auto) insurance is calculated on your credit score so someone with same driving record, same car and has a 600 score and you have a 750 your home ins. will be much less as will your auto for same coverage!!

wljlsuFebruary 2, 2016

NewOptionsTrader
The reason for your score going up when you have a balance is that banks are tracking how you MANAGE credit, not just the fact that you are eligible for credit. Keeping your balance at less that 10% of your available credit and making payments more than the minimum amount due is demonstrating your ability to use your credit wisely and to be able to make the payments as required. That is what I do, and my credit score is currently 806.

NewOptionsTraderFebruary 1, 2016

Back in 2012, I applied and received my first credit card, Discover-Cash Back card. I like it because it gives my FICO score every month through Experian so that I can track changes in my score.
I pay my credit balance in full monthly except for 1 month at Christmas time 2015. At this time I found that if I do not pay may full monthly balance my credit score increases. When I pay my card balance in full my score stays the same and at times goes down a point or two. I don’t understand how they calculate a credit score in such a way that it seems more advantageous to take the APR % hit just to increase your score.
Puzzling to me.
For reference: My FICO is 750 for the month of January 2016

LyndonFebruary 1, 2016

Citibank just threatened to reduce my available credit due to not using the card enough. Screw them, I’ll never use that card again. This type of BS should be illegal.

Sharon DillsaverJanuary 31, 2016

Why can’t people figure out what is best for them. I always get the best card for cash reward and pay everything off every month.

Sonia MurrayJanuary 30, 2016

CapitalOne Visa pays 1% cashback and does not charge foreign exchange fees – I’ve had it for years and traveled all over the world and paid no exchange fees on purchases in other countries. Just be careful to always pay the balance in full before the due date. Discover pays 1% cashback and 5% on certain categories – travel, gas, department store purchases etc. – at different times of year. However, it isn’t accepted everywhere abroad, so I don’t take it with me and don’t know about foreign exchange fees.

Aarom McIntyreJanuary 30, 2016

American Express?? No mention of Diners Club

Glen OstbergJanuary 29, 2016

On average, Chase pays me $1500 every year to use their credit card, thanks Chase! I use two Chase credit cards to pay for everything, pay the balance off every month, and wait for the end of the year to collect my free 1% to 3% cashback awards.

creditstarJanuary 27, 2016

I was offered most if not all of these cards. Slate does nothing for me because I pay my balances off every month. I don’t use cash advances, and I don’t travel. So for me, the only ones worth using are the ones that give me some sort of cash incentive. If you have a list of cards with the best cash back or discount offers (like the Kroger grocery store card through U.S. bank that gives me an extra nickel a gallon off gasoline at Kroger gas stations as well as bonus points that I can redeem for additional gasoline discounts), please publish it!

Credit cards are for suckers, They lure you in and when you can’t pay you pay high intrest. If you are not going to pay it off at the end of the month don’t get one.

CRAIG ANDREWSJanuary 25, 2016

WHAT IS CONSIDERED EXCELLENT CREDIT. IF YOU APPLY AND YOU ARE TURNED DOWN THAT INQUIRY WILL DING YOUR CREDIT REPORT

Satish PrabhuJanuary 22, 2016

Which card/s do not charge foreign exchange user fee (when you charge on it when you are abroad)?

ricky riccardoJanuary 21, 2016

Just do what I do. Put EVERYTHING on the credit card just for the sole purpose of getting the points, then go home, log on to your account, and pay it off. You have to wait for the charge to post before you can pay it, but that’s usually 2 days. I make on average about 10 payments per month. I’ve never paid a penny on interest, and my last 12 cruises and flights have been totally free.

TraceyJanuary 20, 2016

You forgot about the Barclays Arrival + card. Great for travel. Same benefits as Cap One Venture Rewards, but you get a rewards rebate when you use your miles, so slightly better, for us at least.

JessicaJanuary 19, 2016

Just looking to find a great (and free) site to have my credit review done …… as it has been a while.

Joe BlowJanuary 19, 2016

Don—- The Black Amex card will put you in the red, but you need to spend $50K……..not $150K. That’s the Warren Buffet Purple Card. Joseph the Black

Geek 1776January 19, 2016

They have this old type of payment called “cash” no bills at the end of the month.

carlos zayasJanuary 19, 2016

And you people call yourself experts in finance? The best card is the Debit one, do not expend money that you do not have. That is like bank became rich and you poor, interes in everything. Wake Up!

BARIK WilliamsJanuary 19, 2016

I would like to know if I qualify or what kind of credit card I can get.

George DoughtyJanuary 18, 2016

where does USAA rate?……

EmlaJanuary 18, 2016

bunch of weirds

DonJanuary 16, 2016

This article left out the ultimate in credit cards for those with good credit – namely the American Express Centurion (the “Black Card”). It is back to being by invitation only. In the past you had to spend 150k a year on your regular Amex card to even be considered for an invite.

Bill BasicJanuary 16, 2016

What a bunch of baloney. Just fingda no fee card from your local bank k or CU and use it. Pay it off every month. That’s all you need to do. NEVER get into credit card debt.

Walter DubinskasJanuary 16, 2016

No Comment!

Walter DubinskasJanuary 16, 2016

I haven’t had a Credit Card in years. I would like one.

JenJanuary 16, 2016

My husband and I have the bank of America cash rewards card and its fantastic. Every quarter we turn ink or rewards for a $250 BP gad card!

W R TurckJanuary 15, 2016

If you pay yours bills in advance, like Ann Price , you are giving a business an interest free loan. I pay my bills on time and invest the money until a bill comes due.

MeJanuary 13, 2016

Where is the hot girl pictured on the link?

The TruthJanuary 13, 2016

Frozen Princess, With regard to the use of Credit or Debit cards in Cuba the following applies. No card issued by a bank that has any connection with the United States will be accepted in Cuba, although MasterCard now say said it will lift a block on U.S. bank-card transactions in Cuba after March 1st 2015, but I am not sure that this has been the case. This doesn’t appear to be a block imposed by the bank that issued your credit card, but more or less an issue with the Cuban government not wanting to accept credit cards from U.S. banks

Frozen PrincessJanuary 12, 2016

If these bank credit cards were so great why are you unable to use any of them if you tour Cuba?….

Darth VaderJanuary 12, 2016

I use mind control for my credit cards. Works on every one of them. Now if I can only figure out how to use it on Obi Wan Kenobi

Nancy Myers BoveyJanuary 12, 2016

I appreciate the info & would like to know how to get one of these cards & know which one is best for me. I have a Visa Fed Star with excellent credit. .why should I change?

Ann PriceJanuary 11, 2016

Irresponsible people have problems with or without credit cards. I’ve always paid all my balances in full at the end of the month & often pre-pay an extra 1K with my bill to ensure I am paying next months bills ahead. I also pay all my utilities a year in advance including my phone bill. if you’re home paying $30 a month to the gas company you have too much time on your hands. the only thing I pay monthly are mortgages on my real estate & credit card bills that fluctuate wildly when I travel. The cards won’t get you in trouble – you do that all by yourself. My approach leaves me with 1 million American airline miles (constantly being devalued by American) and more Starwood points that I know what to do with. If anyone out there knows how I can get more miles (yes I travel a lot) please let me know. If anyone out there knows how I can prevent my miles from being devalued I’d love to know that too.

Mike HoganJanuary 10, 2016

You don’t need seven credit cards. you don’t even need two! Get control of your spending people.

MikeJanuary 10, 2016

We use one card for gas(5%) and groceries (3%); and another for all other purchases (1.5%). Neither card has a fee. We charge every possible purchase to these VISA cards and pay off the balance every month. Who cares about APR and transfer fees? Don’t understand why these would be concerns to people with “excellent credit rating.” If you lack the resources or self discipline to pay balances then don’t use a credit card.

JoeJanuary 8, 2016

My wife and I have not paid for a flight or hotel in 3 years by using our cards for purchases that we would otherwise purchase using our debit cards. Highly recommend Chase Sapphire Preferred.

Lord have Mercy. Seems like we all be in trouble with finances. I was speaking to my wife Superba regarding credit and she claims credit is the long arm of the devil. I believe she be right.

Tess TicklesJanuary 8, 2016

America runs on credit. Charge cards show no emotion while cash does. It seems many Americans, too many Americans finance their future with funds they have not earned nor probably never will. You are mortgaging your lives…grow up and get with a real program.

Dee PeardJanuary 7, 2016

I have Credit Cards with USAA only. Have done business with them for 65 years and
no complaints. I have a very good credit score and am not about to change banks.

DougJanuary 7, 2016

All of you very, very uninformed people on here decrying credit cards are exactly the people that finance my lifestyle. Thank you! Without your ignorance, I couldn’t reap the rewards from all of these cards!

meJanuary 7, 2016

us bank travel perks is better than capitol one…. capitol one gives you 2 pts per $, but twice as many points required to book a flight…us bank has 20,000 gets you an airfare up to $400. go with that.

Ken LongJanuary 7, 2016

Blue Cash Preferred is a good card, I have one too. But 6% of 6k is only $360, subtract the $75 fee and it’s not that great. I use up this benefit in about 7 months. Chase freedom also offers a grocery benefit for the 2nd quarter, 5% with a $1500 cap, and several other good quarterly benefits, like 5% at Amazon during the 4th quarter. But the best card I have ever had was a Subaru Mastercard from Chase, that was discontinued, that offered a straight 3% on everything with no fees.

RonJanuary 6, 2016

great question

JeremyJanuary 5, 2016

If you’re willing to stay on top of things I recommend my system: Amex blue chip preferred for groceries, gas, and department stores; Chase Freedom card for the rolling 5% categories; and Citi double cash card for all other purchases/charges. My system requires paying attention but maximizes cash back.

honey loganJanuary 5, 2016

yes… i want credit card.

RobynJanuary 5, 2016

cash back is paid for by the retailers and they therefore raise their prices, so in effect we pay for our own cash back.

shueyJanuary 5, 2016

Sure like to know more about these offers

MoniqueJanuary 4, 2016

You gave incorrect information. The AmEx Blue Cash card gives 3% cash back on groceries, not 6% as you erroneously stated. Please correct your error for consumers.

JohnJanuary 2, 2016

Duh!

ERHJanuary 2, 2016

For the cards that offer a higher % at certain types of stores. In the past this gas not worked well for us. Wife gets groceries at Wal-Mart & gas at convenience store primarily & the card issuer states these are not grocery stores/gas stations, so no bump in %. We have had Citi cards for many years & converted to the 2% cards during 2015. This seems the best deal for us.
Yes, credit can take a slight hit for new inquiries, but it is my understanding that this is a minor factor & if like me, you score is over 800, not really an issue.

SandraJanuary 1, 2016

American Express Blue offers 6% back on groceries. This is my favorite card! I usually only use this card even though I have many others.
Thanks again to all of the other people who have posted helpful information regarding credit cards.

MartinJanuary 1, 2016

I have a story about CITI credit cards and hope a high lever CITI employee can comment.
In early 2008, I called CITI customer service and they couldn’t answer my question, so
they kicked me up to someone with a special title, like possibly Tier 3. He answered my
question quickly, so I ended up asking him all kinds of questions about credit and credit
cards. He didn’t dust me and told me things I have never found anywhere, and answered
a lot of questions I had, about credit cards in general, including the 0% credit card offers.
He said they made a killing on them and explained how it actually works. It was impossible to remember all he said and I knew I would never have access to him in
the future either.

My CITI card account has been online for a long time and they did post offers all
the time, like Offer 1 or Offer 2. Different months and interest, you pick what
works for you. At the end of the conversation, he said “Would you like Offer 4,
which is 1.99% for LIFE? I was shocked and had him repeat it. I said of course
and Thank You very much. Sure enough, in a couple of days, Offer 4 showed up.
I sat on it for awhile, then decided to use it for reserve money, since the meltdown
was really coming full force. I had 3 CITI cards and in 2008, CITI allowed you to
move credit around, so I ended up with 50,000 on one card and very little on the
others. After the credit card fallout in about 2009, they can’t do that anymore.
In the summer of 2008, I called up and ordered the 50,000 and there was no
transaction fee either, just 1.99% for life. The money came and I put it in the
bank for emergency, but never really needed it after all. Most of it got sent
back and I presently owe just under 10k and can pay it off immediately, but
just hang onto it, and pay the small interest, which isn’t smart either. Maybe
it is a Thank You back to CITI for doing something so nice and I am giving them
back some peanuts as a token? It would make my day if CITI responded and
verified what they did and why they have these special offers not advertised?
I would be surprised if anyone reading would ever believe my story, but I
swear it is true.

ken LJanuary 1, 2016

getting a new card can affect the credit score negatively 2 ways: you’ll have a new credit inquiry and like one of you previously mentioned, in shorten the average “age” of your credits cards (assuming you’ll have more than 1). It, however, can also improve your score if you carry a balance on you other cards by decreasing your utilization ratio which I believe carries more weight on you score

James DavisJanuary 1, 2016

Two rules regardless of credit rating:
1-Always pay off the card bill in full monthly and never carry a balance.
2-Use the best perk card when you can follow rule #1.

Mr. Not NeededJanuary 1, 2016

After reading some of these reviews, I easily see who is savvy and who just don’t no anything. I do this for a living. First, you never need department store cards ever. However everyone needs a credit card and at least two. While the woman with the Pentagon Credit Union Card stated her card, that’s great but you also want one from a large commercial bank who can assist 24 hours a day. Yes the key is charge everything on the card! Utility bills, everything, but you must have the cash to payoff when bill comes. SO the idiot who said the rate is higher on reward cards isn’t an issue if you pay the card off at the end of the cycle. Yes your credit report may take a hit if you get a new card, but if you have EXCELLENT credit that hit is minor! Take that card for 21 months )% and use the banks money for free provided they don’t have a balance transfer fee that is not capped. Get a credit union card and at least two major bank card. The banks like to see at least three lines of revolving credit cards that never go over half of the credit limit. So if they give you $10k, stay below $5k. Then have your auto and Mortgage. If you have had these five accounts in good standing for at least 36 months you would be considered Excellent credit. A score of 720 or better will get you anything and the best rates! Keep in mind use the one with best rewards for all spending and payoff in full every month. The other two use at least once or twice a year. But this is for people with disposable income. The credit cards they have to give to you guys because of the Equal credit act, however they make their money on the person who gets that card for 21 month and cant pay it off when its due. Then they go back to day one and accumulate the interest and the rate then goes high and usually you don’t have another card with that larger limit so you get stuck in the game in a bad way. The Citi card is good, The Chase card is good, I am not a fan of Bank of America. They still use the MBNA mind set. Capital One is trying hard to get in the game for excellent people, it was once for the challenged credit people. They give lines up to $100k now. Another pot hole to look out for are the Visa Signature Card and World Master cards. They don’t report on your bureau your credit line they only report your balance as your credit card because they are “no pre set spending limits” and that can hurt you even though those are the elite cards. Well enough free info, I get paid for this stuff, but to hear some of these people post, I had to correct them.

CTHarrisonJanuary 1, 2016

Everyone who commented that credit rating will take a hit when switching to a new card is absolutely correct. If credit rating is not a concern there surely are some good deals available in 2016! Not for me.

DrkenJanuary 1, 2016

Every time you take a new credit card your credit rating takes a hit because the average length of time you’ve had your credit cards decreases and this is a key component of your credit rating. For that reason alone you need to consider a new card’s benefits vs the hit you’ll be taking on your credit score especially if you’re in the market for a mortgage or auto loan. If you have one company’ credit card and want a different card offering better benefits, call the company and ask them to SWITCH your current card from it’s current plan to the plan you want. You’ll get the benefits of the new card’s plan without negatively affecting your credit score. You can do this whenever a new rewards plan comes out without any negative effect on your credit score.

Unless it is a total emergency and obtaining a loan is not possible, NEVER carry a balance on a credit card. Only the truly desperate and true idiots use a credit card to carry debt.

Interred FergusonJanuary 1, 2016

@KDWinMO – At no point did this article claim that owning or using the cards mentioned, would make one successful or rich. A large percentage of people will find themselves in need of at least one credit card, so why not utilize one that will give you the most back for your efforts. Anyone with common sense knows that CC’s won’t make you rich, but they certainly can help a RESPONSIBLE person build a good credit rating. I’ve had “plastic” since I was a teen, but rarely used it until my 40s, as I hated having even temporary debt. These days it’s almost the complete opposite….I use primarily plastic instead of cash, for a variety of good reasons. The key is, I still only spend what I already have available for whatever the purchase is, and pay all cards off in full each and every month. Don’t use cards to borrow money you don’t have, play the game to YOUR advantage, and the rewards programs can allow one to earn thousands of dollars over time. I think this article specifically avoided mentioning somewhat smaller, or regional cards which can often offer even more. I have a VISA with Pentagon Federal Credit Union (PenFed) that gives you back 3% on groceries, and 5% on gas (paid at the pump) year round. If is definitely one of the more difficult cards to qualify for.

KenDecember 31, 2015

For the credit cards that offer 6% or 3% cash back, what is the average interest rate?
I have found that most, if not all credit card companies will charge a higher interest rate to cover the % of cash back offers. So for a standard credit card with no cash back it would be 12.99 %, however with a 3% cash back card, the rate would be 15.99-16.99 %.
So as good as the offer sounds with a 6% of cash back, your still paying for it with the higher interest rate.

Debt FreeDecember 30, 2015

Suntrust Mastercard.
5% on gas and groceries 1st year.
Transfer cash back to Sun Trust account and they increase it 25%
Works for me

Bill LongDecember 30, 2015

American Express Blue card has new offer. Those with excellent credit have offers of $250 cash reward for spending $1,000 in first three (3) months, 0% interest for 15 months and no annual fee.

DorianDecember 29, 2015

These 7 cards are for people with “excellent” credit. Please tell me what the definition of “excellent” credit is?

MartinDecember 29, 2015

Before the big meltdown, most credit card companies offered 0% money with 0% transaction fees and interest on savings was very good, compared to the dismal
rates today. You could also consolidate credit cards to get a higher credit limit.
I ordered up many thousands and put the money in the bank and made a lot
of money from their free money. Just made the minimum payment each month
and didn’t spend it either. I even called some companies and told them what I
was doing and they didn’t care! Impossible to do today, by the way.

We use a CITI card now for all purchases and keep a daily running summary
and always pay when the bill comes out. As long as the summary shows more
money than we have run up, things works out great. If funds are low, then
we spend only the minimum and no extra’s. We can view transactions as
soon as we use the card, to verify charges are correct, so no surprises. At the
end of the year, they run a year end summary and we know exactly what we
spent for the year and where it went. Now we can critique what we spent the
money on. To fool around with credit card companies, you must be very
focused and disciplined, otherwise they will eat you for lunch. By the way,
going on 10 years using this approach and no problems so far.

TonyDecember 29, 2015

@Kevin December 18, 2015 “Here is a real eye opener. I tried to get the double cash card and was turned down. I have a credit score of 830 with an income of over $100k, while having my mortgage paid off. I was turned down because I do not make enough money. They would not tell me how much I had to make to qualify. What a total scam!!!!!!!”

I’m calling BS on that one. I have a similar credit score (825) and make a bit less ($70k per year) and I was accepted immediately. There must be something else to your story/situation that you aren’t telling us. Maybe you have too much open credit for example. That you own your house outright (versus me, I carry a mortgage) is the biggest difference between us.

J.W. BarrettDecember 28, 2015

Credit cards are just another method that the powers to be are using to permanently eliminate cash or any kind of paper or metal money. It may take a long time and I will be long gone before that occurs. However I worry about my children and their offspring.

PHXBARIDecember 28, 2015

I’m concerned that the BANKS are being made out to be the bad guys. By 16 years of age we know what credit is, and that it’s OUR responsibility as the BORROWER to control our spending, keeping in mind WHETHER OR NOT WE CAN AFFORD something. If you don’t know if you’ll have the wherewithal to pay off the balance each month then you’re knowingly heading down the slippery slope. It’s true the banks want their card in our hands, but WE choose to (or not to) accept the card. Be honest with yourself…you know if you’re likely to get yourself into financial trouble by accepting it. If your income is unreliable and erratic, pass. With few exceptions, if you’re carrying a balance from month to month, you’re mismanaging your credit. Opting to charge small amounts argument? Both comments hold truth. Personally, I’m bad about carrying much cash at all, so I DO use plastic for small purchases. My bad.

CommieobamieDecember 27, 2015

That credit retard that states no one should charge under $10.00 is an obama loving MORON. You get 15 cents for that $10 PURCHASE with the What’s in YOUR wallet card. It adds up MORON.

William BrownDecember 27, 2015

Merry Christmas and a Happy 2016. I need a good credit card for 2016. Thank You

Raymond WongDecember 27, 2015

In my opinion, the Capital One Venture card is the overall the best credit card in the world. The article only specific the travel advantages of 2 points for a dollar but did not mention about the best foreign exchange rates I can get when I use the card in the countries I visited, it is better than the bank rate, as the big spender in overseas, I save thousands just in exchange rates comparing with American Express Platinum card (0.7 points for a dollar) or the Citi cards (1 point for a dollar), they don’t give me best exchange rates when you travel overseas, some even charge a fee for spending overseas.

Martha BDecember 26, 2015

In order to benefit from these “great deals” you must pay off the balance each month. Otherwise the interest you pay is astronomical! We love getting that 3-5% back just for using the Capital One Union MC that we have had over 10 years. One Monthly statement makes it easy to track all spending and identify unauthorized purchases.

Daniel F P GallagherDecember 26, 2015

Credit Cards should be paid quickly, People who use Credit Cards for every small purchase are dumb especially all those under $10.00 are Nuts. if you don’t have $10.00 in your wallet go home you can’t afford to be out on the streets, never tip with the Credit Card why let the banks get part of a tip they don’t deserve a tip, control your spending

frank sarnaDecember 25, 2015

This article is stupid ( I known trust me or not) they all burn there customers. It is a sick joke on consumers

John FowlerDecember 25, 2015

Do not use your card(s) as a loan. Pay them off, before the due date. I do not like to carry a lot of cash. This works for me.

Martin McGeeDecember 25, 2015

Your spellcheck is working but your humans aren’t. Change the below to “two steps to”!
*****************************************************
There are two steps two getting the full 2% cash back. Use your card to purchase the item(s) for the first 1% cash back.

JoshDecember 23, 2015

I have the American Express Blue Cash Preferred card and will be replacing it soon.

The points are delayed by at least three months, unlike our Chase card. Customer service is useless when I call — they keep repeating that “points will post after the billing cycle in which the purchase is made closes”. Well, two billing cycles have closed so far and another one closes today and STILL no points.

American Express has fallen a long way since your grandparents had it. They’re just not competitive with the Chase / Citi / Capital Ones of the world.

Carol SchalowDecember 23, 2015

I have like three credit cards and I use all three, I use their money, my balance is paid off every month. The three I have approved me for credit cards when my credit was really low. I don’t have any complaints on any of them. When I was rejected with a high score, I felt there was a reason, like stay away from them. I don’t need or want them, all is good.

Geo hawkinsDecember 20, 2015

Spare me. Crazy that the three agencies control all lending!

KevinDecember 18, 2015

Here is a real eye opener. I tried to get the double cash card and was turned down. I have a credit score of 830 with an income of over $100k, while having my mortgage paid off. I was turned down because I do not make enough money. They would not tell me how much I had to make to qualify. What a total scam!!!!!!!

Jennifer BDecember 15, 2015

Most of the perks are paid for by the merchants who accept the cards. They are charged higher fees by the banks and support all freebees we enjoy.

Alfred StormsDecember 15, 2015

no coment

chris postDecember 14, 2015

the only thing is that The American Express Blue Cash won’t count at Wal-Mart

Janice RatliffDecember 14, 2015

Work the banks like they work the rest of the world! Keep a zero balance and take advantages of the rewards. I am sure the banks are “banking” on us not keeping that zero balance for long!

Robert LoweDecember 11, 2015

some time ago Chase “slammed” me into a electronic payment mode which I could not execute rendering me helpless by not paying Visa card monthly payments… I got it corrected by personal visit to the bank…bad memory still exists..

tedDecember 11, 2015

I have three of them. I have a 800+ score. Never been late.

Eric HallDecember 8, 2015

This is BS. Chase and others care if you’ve had too many credit cards issues in the last year and will deny you. I am a multimillionaire and 800+ credit score and they denied me.

Tony M.RiceDecember 5, 2015

Should de good

Rick P.December 3, 2015

The perks these cards offer are free to you if you pay your balance in full each month. I have a chase southwest card and I earn a free flight every month. I only charge what I can afford to pay off each month, therefore paying $0 interest. Those who abuse their card and carry a large balance are the ones who pay for perks for those who don’t. Those who take advantage of these perks without paying a cent are a minority, as a result, this falls within the banks acceptable guideline. If everyone was like me (and others like me), then the banks would end the perks.

Harold WielandDecember 1, 2015

A lot of places don’t take American Express ! Blue Bird cards !!!!!

MikeDecember 1, 2015

I cannot stand any of these banks. I would rather stick with lower rewards from a better bank like a credit union then give anything to these banks.

Jim BakerNovember 23, 2015

I tore my Capitol One Venture Rewards card after one trip abroad. Customer service was terrible. They blocked my card in Ecuador at the airport even though I had a travel notification active. They wanted me to leave the airport and go to an international bank so that they could verify my identity. After getting home, no thanks to Capitol One, I went all the way to the CEO’s office for an answer to what happened and could never get a straight one. My Bank of America Travel Rewards card now gives me the same benefits and much better service.

Jabba huttNovember 17, 2015

I use credit cards all the time, I never pay an annual fee and never pay interest. I get tons of points and miles for money I would have spent anyway. Using a card smart is good. Those that say no card is the best are just clueless.

Robert FurstNovember 17, 2015

It’s really simple actually. You don’t have the money, you don’t buy it. Have the money pay for it by credit card and pay it off immediately and after the rewards peter out, cancel it.

Terry B.November 15, 2015

UNLESS you can pay a CC off at the end of EVERY month, don’t get any card. Every CC offered is in business to make $$$$ from their users who can’t pay off the balance at the end of the month or some period of time. Are you disciplined enough to pay off your balance?? If not, do NOT get drawn in by their offers. What looks good originally may turn out to be your worse nightmare.

Terri RichardsonNovember 14, 2015

Love all the talk about 0% interest for 12, 17 and 21 months. But these articles never talk about what the interest rate will be after that length of time. Have a credit card for last five years that charges 3.5% I haven’t seen an offer that can beat that rate.

Floyd HartfordNovember 10, 2015

THE BEST CREDIT CARD IS NONE, NO CARD. NO MONTHLY BILL NO INTEREST RATE, NO ANNUAL FEES. NO CREDIT CARD MEANS MORE CASH IN YOUR POCKET. IT MAKES YOU THINK TWICE ABOUT BUYING SOME THING.

2narketNovember 6, 2015

Excellent credit score is 0. If you don’t understand it-research it.

travis dobsonNovember 6, 2015

thank you so much

Martin R. HigleyNovember 3, 2015

Why is it that every time someone does a list of credit cards requiring excellent credit one of the lowest interest rate cards is omitted. Simmons Bank at 7.99% annual rate and no annual fee

mattzcatNovember 2, 2015

Opportunities to get some of our bailout and TARP money back . . .

Gerry GuayNovember 1, 2015

You didn’t mention BJ’s Elite Mastercard. Hard to beat if you can shop there.

robertOctober 30, 2015

826 score, $4000 total bal with $45,000 available but only $10,000 available @purchase apr rate
Chase, Bof A, Amex

Mike MedleyOctober 29, 2015

What happened to a credit card being good because the interest charged was about 4 ~ 5 points over Prime with no annual cost? Those were good credit cards that necessitated a good credit history / score.

TJOctober 28, 2015

Is it wrong that I’m excited to have a card from this list…yeah!! Chase Slate. I rarely use it, and I’ve yet to max to out {even though I just had to have to replaced with the new “chip” version as someone had maxed it out in NewYork, with four 5k purchases to a home improvement store via identity theft}. It’s great to know that I have it available, if a situation comes up that I need ready cash though. But ultimately, it’s just good to know that working on maintaining a great credit score pays off!

Gnome TalmboutOctober 26, 2015

Now, if airlines would follow suit with easy miles consolidation we’d be all set.

MissyTOctober 26, 2015

Why not show which cards charge and how much and if any are zero cost to join?

Clarence EversonOctober 25, 2015

Sparta, I am having problems with Capitol One also ? I don’t know what to do ? They have told me on 3 different occasions the problem was taken care of, but waa laa, same ol same ol ? If I refuse to pay them I’m sure it will reflect on my credit status ! I don’t want to mess up my other cards because of this, what do I do ? Will my other cards cancel me if I quit paying them until I guess I pay a lawyer to settle it ? errrrrr, I hate this !!!

JanisOctober 23, 2015

I think the very best card is the Sam’s 5-3-1, even if you don’t want to shop at Sam’s. It’s worth the $40 membership fee! You get 5% on gas year round, 3% on restaurants, hotels and rental cars, and 1% on everything else. For the “everything else” we use the CitiBank 2% on everything card.

LanaOctober 21, 2015

Also check out DISCOVER IT. I just got 5% cash back, which they double after a year. So, if I get $100 over a year, they give me another $100 at the end of the year. Rotating categories, cap of $1,500. Lowest APR is %12.99 — but intro period of no interest good for a year. No yearly fee, no foreign transaction fee.

David FerreraOctober 21, 2015

I have a VISA card from Iberia Bank that charges no annual fee and has a fixed interest rate of 6.5%.

P BrownOctober 19, 2015

Be careful when getting credit cards.

Dave in CAOctober 18, 2015

I had a Citibank card for about ten years and had not used it in two plus years for zero rate loans with 3% fee on a $20,000 loan paif in full and on time. Credit score 795 or excellent. They closed the account because I was not using it the past two years. Now they are sending me new requests. Makes no sense since they closed account

I.Am. AskingOctober 18, 2015

what is termed excellent credit? Someone who constantly pays more than the minimum payment each month or someone who clears their balance each month?

GinnyOctober 17, 2015

Let’s hear it for the American Express Hilton Honors Card!!!! No annual fee …. EVER!

SpartacusrevisitedOctober 14, 2015

Well, I sued Citibank for foreclosing on my paid off home, Bank of America for bouncing checks when I’d had way more than the amount I wrote them for in the bank for a month before I wrote the checks, and I had to almost take Capital One to court because they sent me to a collection agency for not paying the fee on the cancelled no fee card. Yeah I’ve had problems, but not with American Express or Discover – who by the way – call me if I make a purchase out of the ordinary. I really like that.

RonOctober 11, 2015

Try this one. Sam’s Plus from Sam’s Club 5% back on gas, 3% back on entertainment, 1% back on everything else. Then I pay it off WEEKLY! No late fees, no surprises at the end of the month. I use it for everything. They send you a check once a year. No gimmicks, no hassles! Headed for Hawaii in the spring. That will be my fun money!

Jill TackettOctober 11, 2015

the funny thing is this, we all know the credit cards charge the retailer for usage, yet, when you offer the retailer cold cash, they say it makes no diff. and you are offered no discount. when you are spending hundreds of dollars, that makes no sense. I guess math 101 doesn’t exist anymore. so yes rather than spend my cold cash. I will use their 0% money free on time.

Patricia AnnOctober 10, 2015

How about a list of the WORST credit cards? I’d topeit off with the Chase Freedom Card and their Ultimate Rewards program. I have excellent credit ratings, ALWAYS have paid off at end of month, and do actually make use of my Frequent Buyer rewards. I love AMTRAK sleepertravel . I received a notice from Chase “freedom” card that they would be dropping the Amtrak card on Sept. 30th. I stopped charging on my Amtrak Chase card on Sept. 11th. with a $2103 balance. On Oct. 5 I went online to PRE-pay my Amtrak card in total, …and was led to the Chase f’em card WHICH I DO NOT WANT and Do NOT want to activate and NEVER APPLIED FOR… and all my mileage on Amtrak will be credited to their ULTIMATE Rewards…$21.03 In speaking to Chase Customer Service and e-mailing, they NEVER address the question asked ( How could these miles be transferred to pennies rewards when they were accrued under contract to Amtrak miles?) but repeated the “advantages” of owning their card — a list which I can read and still do not want their ‘ ultimate pennies’ rewards. IT’s called the ‘broken record’ technique… don’t address the issue , just keep repeating until you give up. They hi-jacked my miles which may not be ‘worth’ that much . However, it seems strange that they can c apriciously ‘give’ me a card I do not want and abscond with my miles.

Ray JOctober 7, 2015

The American Express Centurion is awesome! Perks include lounges at major airports that are loaded with perks (i.e. shower, wine tasting, Chef prepared meals – all free). The trick with this card, pay off and don’t carry a balance. Can’t wait until my Black one arrives.

an alternative opinionOctober 6, 2015

If these rates are described accurately, none of these cards are good deals. I get a much better deal from my card company than anything listed here

TravelerOctober 6, 2015

THESE CARDS BLOW!

I HAVE HORRIBLE CREDIT AND ALREADY HAVE HALF OF THESE CARDS.

Raoul ChalifouxOctober 5, 2015

If you have excellent credit and carry a zero balance at the end of every month you are crazy for not using a credit card for every single purchase to take advantage of points, or discounts or cash back, or airline miles whatever it may be!!! Simple as that! The end!!

CraigOctober 3, 2015

American Express has always seemed like one of the worst companies out there for many years. Many merchants don’t accept them. So you may have that going against you to start with. Mostly because they have always been the worst at charging the most interest to Merchants. Then on top of it they are notorious for charging their annual fees on virtually EVERY card they issue. Those darn annual fees are pretty much a joke that any card issuer can do to a customer. It’s like charging someone a fee just to shop in their store whether you buy something or not (just a little extra knock at those darn warehouse clubs so many people shop at, if those people would actually pay attention to the prices they pay there they’d notice they could actually be saving money by shopping at regular stores and not pay a “membership fee”, they’re a joke). Then you’d likely have one of the highest interest rates around once any bonus period expires. So you’d have to never carry a balance, which should be a no brainer for ANYONE who has a credit card. NEVER spend more then you can pay off in a month. These banks love to keep you in debt for the rest of your life (and beyond, as they also love to get a hold of your estate).

PaulOctober 3, 2015

Most of these cards come from the same banks that caused the ’08 recession. They never were served justice for their crimes and probably never will. But you can help to make the world a better place by not doing business with banks like Chase, Citi, and BofA. They think that by showing you shiny things that you’ll choose them over your countrymen. Show them they’re wrong.

FiOS-DaveOctober 3, 2015

We have several cards, which we use depending on their perks. Our favorite card is Discover because we not only get 5% per quarter on specific purchases, such as gas, but we accumulate points, which we then cash in for gift cards. Not just ANY gift cards, but ONLY those that maximize your purchase, such as for Bed Bath & Beyond, where we get $25 for spending $20. There are very few companies that offer this good a deal, so you have to choose carefully! Discover is very proactive when it comes to security. If my wife fills up her car and then I fill mine a few minutes later, we immediately get a call from Discover, making sure that these were legitimate purchases. We also use Chase Freedom to get 5% when Discover drops their quarterly coverage. Of course, our third most used card is our Amazon card. If you have a family member at an accredited school (with a .edu address), you can take advantage of their Prime plan, at a much reduced rate!

TrishOctober 2, 2015

I don’t need miles. I don’t need cash back. I’m one of the lucky ones. I help others instead. I have an Amazon rewards card that builds points on amazon.com. I take those points at the end of the year and use them on smile.amazon.com to buy gifts for a local children’s charity. There’s no better reward card and smile.amazon.com is the same as amazon.com but it allows a portion of your purchase to go to the charity of your choice.

RobertOctober 2, 2015

Credit cards have increased the price of everything! They charge the business 2 to 5 percent of the purchase price so the business increases their price to compensate. You pay more for everything. Its a form of loan sharking. Its unethical but we let it be.
Its all about money and more money. In the end you get nothing.

DougOctober 1, 2015

I have several credit cards. I use one credit card (card 1) a month. Next month I use card 2. The third month I use card 3, etc. I pay off each card in full every month. I pay no interest at all. I don’t carry cash, debit cards, or even a check book. I use my credit card for everything/anything I purchase. Why do I have/keep multiple credit cards? I don’t know for sure, but I’ve been told that you can hurt your credit score when you cancel/close a credit card account. It has something to do with a ratio of amount of credit you are using to how much total credit you have available. I use a different card every month for several reasons. Credit bureaus see activity on all of the cards at least once a year. The credit card companies are getting some usage every year (at least) so they more than likely won’t close the account. They make some money in transaction fee’s even if they don’t get any interest from me. I pay no fee’s for any of my cards. The credit card companies make enough money as it is anyway, they aren’t getting any more from me. Capitol One (I have more than one) changed their terms and tried to charge a fee for their card. I told them where they could stick their card after I cancelled the account. I also told them if they tried to change terms/add a fee to have/carry their other cards, they could go ahead and cancel them all and stick them in the same place. It must work/or not hurt what I’m doing, because I have a FICO score of 805 or over depending on where you check.

GRFOctober 1, 2015

This so called rating is all BS, BS and more BS. In the end all they trying to do is to get you to live beyond your means and drown in credit. Lets face it, most people ARE living beyond their means and have a half or more dozen credit cards. My credit union has just come up with a new program that ostensibly saves you money, but in order to save the money you have charge so many purchases each month. With that savings plan??? the average person will only get into more debt. The answer is to have one credit card and pay it off each month. Otherwise YOU ARE living beyond your means.

Tina JSeptember 30, 2015

The comments are more informative than the article. I have to dump my Costco Amex so thank you, commenters.

Riceburner1September 30, 2015

Seems like some of these cards are debit cards. No way would I use a debit card it today’s thievery environment.. At least I have the security of not being responsible if the card number is stolen. My credit is in the 820 area. I don’t carry or pay interest on anything. I am debt free and I pay for everything 100% when it is due. Frankly I don’t need CREDIT any longer. At 68 and retired with enough investments I could care less about interest rates. But I do have a few cards I use (not on this list) that give me the perks mention in this article tailored for me !

I am basically a mad scientist when it comes to shopping credit cards and have even made spreadsheets with the fees, ramp-up’s, and rewards to calculate the best cards for me…

First: I pay off my credit cards every month… as a result I do not care what the interest rates are. If you reading perk articles while carrying debt, you should stop immediately and instead immediately look for cards like the Chase Slate to transfer your balance to at 0% interest and 0 fees… (They offer this occasionally)
Next: Now that interest rates are not your focus, lets focus on perks… I have a few cards in my arsenal: Fidelity American Express, Chase Freedom, Chase Amazon, Discover, and American Express Blue Case… I have had others in the past, but they are gone now that the fees outweighed the benefits. Additionally I am surgical on how I use my cards… To maximize your benefits you need to be.

Since I am not card loyal and am instead focused on maximizing my cash back/points, this changes the game and thus you need to adjust your mindset.
1.) Cards like Discover and Freedom offer 5% cash back in certain areas at certain times and also have areas where you can shop through their site to get cash back… This is better than any other offer you will get.
2.)My go-to card: Fidelity American Express offers unlimited 2% cash back … I did the analysis and this was better for me than cards like AMX Blue Cash because Blue Cash has a ramp-up spend requirement at a lower perk rate before you get the amazing ones that they publish.
3.) Don’t get rid of your American Express… They have some amazing deals you can add to your card. Getting $10 off $10 purchase at a restaurant or $20 off a $100 liquer store purchase or $5 off $20 in gas are amazing since they are purchases that I was going to make. Also, your “real” american express has great warranty protection… If you are buying something that you would normally be enclined to buy the extended warranty on, instead save your $ and use this card… Works like a charm.
4.) And yes, like everyone else I am an Amazonaholic … SO it makes sense to keep that card and use it when other cards are not offering better perks on Amazon purchases…

Having said all that… I am always researching and recommend you do the same… For example: If I ever start traveling a lot or if there is a great cruise perk by using it, I may be persuaded to get the American Express Platinum card. Sometimes the perks offered by American Express Platinum for booking your cruise on it are enough to almost cover the annual fee.

Good luck.

Kate of the InterstateSeptember 22, 2015

I have used the Bank of America rewards card for years, but am about to dump it. My one and only issue? It stops working when I go out of state, unless I inform the bank of where I will be going and how long I will be there.

I tried to pay a hotel bill of around $500 and had the card declined, although I knew I had around 10 times the credit available. When I called the bank to complain, they said I needed to inform them when I planned to use the card away from home.

Unacceptable. I will miss the rewards but have switched to an Amazon Visa that is almost as good, and when I took that on a road trip recently (without informing the bank of my itinerary), I had no problem with it at all. It has been many years since I needed to tell Mom or Dad where I was headed and when I would be home, and I don’t need my bank playing Big Brother.

Leana@Milesforfamily blogSeptember 21, 2015

I want to add a couple of cards to those that are great for everyday spending:
1. Amex EveryDay Preferred
It earns Membership Rewards points, which are similar to Chase Ultimate Rewards. You get 4.5 points per dollar on groceries (on up to $6,000 per year), 3 points on gas and 1.5 points on everything else, as long as you hit 30 transactions per billing cycle. Easy to do, just buy $1 Amazon gift cards.
2. Sallie Mae Barclaycard
You get 5% cash back on Amazon on up to $750 per month, and 5% on groceries and gas on up to $250 on each category.
3. Fidelity Amex
You get 2% cash back, no annual fee, and also get access to special Amex offers like Sync and Small Business Saturday.
4. Chase Freedom and US Bank Cash Plus
You get 5% cash back in rotating categories.

Overall, Amex Blue Cash Preferred and Everyday Preferred are probably the strongest overall cards for most people in America. You can usually make up for the annual fee on each via Amex offers. Other cards are not quite as “no brainer” as many sites lead you to believe. Chase Sapphire Preferred is a prime example.
That said, you will get the best ROI by going after sign-up bonuses. It’s not for everyone, but it’s extremely lucrative for low spenders. Otherwise, it will take years to accumulate enough miles and points to get that “free” flight. Not to say that it’s really free, after all, you could have gotten 2% cash back.

ALAN ODOMSeptember 16, 2015

The best card I have found is the TD BANK CASH REWARDS VISA. It will give you 5% back on all TELEPHONE, GAS, GROCERIES, DINING, CABLE, DISH TV AND UTILITIES BILLS FOR THE FIRST 6 MONTHS PLUS IF YOU PUT $500.00 ON THE CARD IN THE FIRST 90 DAYS THEY’LL GIVE YOU A $200.00 BONUS. I’VE MADE ALMOST $300.00 IN THE FIRST MONTH! GOT 5 MORE MONTHS TO GO!

MJSeptember 16, 2015

This is not an actual article with real perks outlined. Most of these credit cards end up at 12.99% or higher APR and outrageous annual fees. You want real savings? Become a USAA member (if you can). Most of their cards are under 10% APR, they still give you 1% back, and charge no annual fee.

SirVesaSeptember 14, 2015

Its a shame that this is what passes for great credit cards, especially for people with good credit. My credit is impeccable, yet I was able to get significantly better interest rates when I was an irresponsible college student. Thank you credit card companies for extending credit to people you knew couldn’t pay for it so that the rest of us can now pick up their tab. Sounds kinda like the FHA loan collapse.

norm hollenbergSeptember 13, 2015

I set up autopay on all my cards then use them for everyday living expenses as well as for gifts, etc. and earn great cash rewards all year long. It just requires discipline.

Doug SclarSeptember 13, 2015

I’ve been using the Slate card for years. They let me consolidate all my credit lines from various Chase cards so I can take full advantage of the 0% balance transfers. I’ve done them for years, borrowing up to $100k and as soon as I pay it off they offer it to me again. Lately I’ve been having to pay a 2% transfer fee, but since the term is over a year that results in a essential APR of less than 2%. I do realize that there are pitfalls and if you ‘re a day late on a payment the APR can skyrocket, but the one time I was a day late they let me slide. Very happy with Chase and their offers.

Richard NgSeptember 13, 2015

Also with the Chase Slate, in addition to their games discouraging use of the free balance transfers they promised to get you to sign up for the card in the first place, also beware the fine print regarding new purchases. When you get into the fine print of the cardholder agreement, the 0 % on new purchases goes out the window as soon as you make your first balance transfer. So, if you’re planning on using your Slate to make a significant purchase, i.e. plane tickets for a trip, a new computer, whatever, do those first and then transfer the balances from your other cards. The 0 % on new purchases also goes away the first billing that you don’t pay off the full balance. So, even if you have only used the card for new purchases and haven’t done a balance transfer yet, you still lose that 0 % APR if you don’t pay off the entire balance. Sneaky little suckers, ain’t they???

Richard NgSeptember 13, 2015

Got the Chase Slate with a 15K limit. So far, its more promise than performance. Transferred my first balance from a platinum VISA I have with another bank about a month after I got the card. Not a huge transfer, a bit over 5K. They immediately put the transfer on hold and sent me a fraud alert forcing me to go through a telephonic interrogation of my identity and finances to get things moving again. Although the Slate has been charge, its almost a week since I initiated the transfer and the funds have still not been credited to the other card on whose balance I am not paying interest. Chase’s fraud department claims transfers tale 5-7 days if by wire, and 14-12 days if my check. Who even does transfers by check anymore? And 5-7 days for a wire transfer??? Sounds like 19th century performance in the 21st century? And if you’re going to go spastic and put out holds and fraud alterts for $5K when you’ve issued a $15K limit, maybe you shouldn’t offer the zero fee/0 % APR balance transfer for 15 months as the main enticement for people to get the card!!!

TimSeptember 12, 2015

This list forgot to add CapitalOne Quicksilver.

It’s the equivalent to Venture One, but is for non-traveling people. It provides 1.5% cash back on ALL purchases, and actually has no annual fee. When prompted for my upgrade, I had to choose Venture One, or Quicksilver. I don’t fly, so Quicksilver was quite nice. Just thought I would add that here.

TonySeptember 11, 2015

My favorite hobby for the past 10+ years has been collecting credit card bonuses. The biggest bonuses are the 25k, 30k, 40k, 50k even 75k received for opening the cards and hitting the required spend in a specified amount of time (generally $1,000 – 3,000 in the first 90 days). I have found that paying for all (or as many as allow) of my every day expenses makes this possible.

A very simple tactic that allows me to double these initial bonuses is open not one account, but two. I open one and my wife opens her own. When my now 29 year old son was younger and establishing credit I would occasionally have him open one, name me as an authorized user, and allow him to collect the bonuses. I usually close these accounts before the first anniversary to avoid an annual fee. Lately many (Marriott, Holiday Inn, Club Carlson) have sweetened the pot by giving a free night stay on your anniversary. This sometimes makes the card worth keeping as the annual usually between $60-$80. Yes, opening and closing accounts lowers your credit score. No, mine has never slipped below 760.

When I am not in the process of reaching an initial spend to receive an opening bonus I keep and use three cards for my everyday purchases. Two are mentioned in this article, one is not. I am not surprised that my unmentioned card didn’t make the list as it (Chase Ink) is a business credit card. If you are able to qualify for this card get it. There is no annual fee and it pays you 5% cash back on all phone, wireless, internet, cable/satellite and office supply store purchases. It pays back 1% on all other purchases. I have all of my 5% possibilities about $300 a month) auto paid from with this card. That’s $180 a year cash back on bills I have every month. Use the card at Staples and get 5% back too. Staples is often very competitive with their pricing. I searched for a camera several years ago and they beat Sam’s Club, Costco, Wal-Mart and Fry electronic. I spent nearly $1000 on the camera and received $50 back. Staples also sells gift cards. Buy them there – get 5% cash back.
American Express Blue Cash Preferred is a fabulous card. As mentioned in the article they give 6% back on grocery store purchases. We buy nearly all of our groceries at Aldi, a discount store in the area that only accept cash/debit. We still manage to hit our $6000 annual cap on the 6% offer through the purchase of gift cards. Jewel, our local supermarket chain, has a very large selection of gift cards. Among them are most restaurant chain cards, hotels cards, airline cards and, the ones we use most – Shell gas cards. We buy them $100 at a time and keep them in the glove box. Shell stations are everywhere near us and their price is nearly always the lowest (if someone is way cheaper simply use the Amex card at the pump for a 3% discount). Goinbg to Chlili’s? grab a card. Kids love BWW? Buy a card. Flying Southwest? Buy some cards – note that South West allows you to enter a maximum of 3 gift cards when booking. If you’re booking 2 flights book them separately. If you know each flight is going to run $300 buy the correct denomination cards too. Three $50 cards won’t get you there. Three $100 cards will. I have had this card for years but only this year discovered the “Amex Offers” section of their web page. Here limited time offers are listed. All cardholders need to do is click on the offer then take advantage of it by the expiration date. So far this year I have benefited $125 through these offers . More than enough to cover the $75 annual fee. Each offer I have used is for something I would have purchased anyway. To name a few: spend $25 at Shell get a $5 statement credit. Spend $100 at walmart.com, get a $50 credit. Spend $15 at amazon.com get a $15 credit.

The Citi Double Cash is a no brainer. I used to use Capital One Venture until this card came along. What makes it better is the fact that it has no annual fee.

mystySeptember 10, 2015

Only 1 comment: I don’t hvae time to argue credit…I am dislexik.

LarrySeptember 10, 2015

The fact that after all the “introductaries” you end up with a 12+% credit card is the downer on most of these. Unless you enjoy changing credit cards every 18 months and reworking any auto-drafts you might have, No thanks.

JeremySeptember 10, 2015

how come the fidelity amex (green card) doesn’t get profiles on these lists. It’s an even 2 percent back on everything. It’s deposited as cash into your fidelity account. You can invest it, withdraw it or do whatever you want to with it.

KDWinMOSeptember 9, 2015

People that worship at the altar of the Great FICO Score are delusional; there’s absolutely no value in having a high score. So what, you have a high FICO score? That just means you’re good at giving money to banks and lenders. I seriously doubt if any legitimate millionaires even have a FICO score; years ago they learned to live within their means, paid cash, and invested (starting with small amounts) wisely. It certainly isn’t rocket science.

Nobody ever became financially successful by how they used their credit cards. They achieved financial independence and enough wealth to retire with dignity by NOT using credit cards. If you’re not spending less than you’re earning today, what do you plan to live on when you retire? Please don’t say that you’re going to rely entirely upon Social Security benefits; if it still exists in 20 years, it sure won’t provide enough for you to live on with dignity.

Read Thomas Stanley’s book, “The Millionaire Next Door” if you want legitimate insight into how succeed financially. Spoiler: It doesn’t involve using credit cards or borrowing money from other people.

“The borrower is slave to the lender.”

loriSeptember 7, 2015

My credit score is 800. A perfect credit score is 850. Not certain what the requirements for these cards are, but I have not been turned down for any I’ve applied for.

To those saying not to use credits cards you are missing out. I pay my credit cards off in full every month and have not paid a dime in finance charges in over 10 years, with the exception of my home loan. Of course if you can’t control yourself, then by all means you should only use cash.

I’ve received some amazing CC bonuses. My favorites are those offering FF miles for a certain amount of spending within a required period. For example I have an AMEX that earns miles on Delta. I received 30k miles for spending $1,000 within 3 months. I needed to get my deck done so I used 2 cards and earned 60k miles. With another card I earned enough miles to go to Europe for free. I use my credit cards for everything I would normally pay cash for. I got a card for my son under my account so he can learn to manage credit himself as well as pay for college; of course I get the FF miles and bonuses. :o)

My credit union also gives me “points” for using their cc. I’ve bought hundreds of dollars in gift cards, new luggage and a fabulous new vacuum (yes, I’m old enough to be excited by a new vacuum!)

Point being is I would get none of these perks and free vacations by paying cash for everything. It’s almost like sticking your cash under a mattress. Let your money work for you!

If the CC has an annual fee, which is usually waived the first year, I will cancel the CC when the fee becomes due.

One tip for those who amass a lot of cards for the benefits, do several cc applications at one time, like on a weekend. This way it will show your credit score has been pulled one time rather than multiple times as happens when you stagger your applications over months.

To the cash people who have replied, I’ll wave to you while I’m flying to Rome business class.

Live is short, enjoy it!

OCTAVIO PETERSSeptember 7, 2015

Send more info.

MickinMDSeptember 4, 2015

Paying with cash costs the avg. person hundreds of dollars per year more than paying ith cash-back credit cards.
Those preaching “cash only” here are doing a disservice to those with the self-discipline to not overspend with credit cards and to pay off all balances every month. I have five no-annual-fee cards to maximize cash-back and, on an avg. salary, get $400-$600 cash-back each year – and that’s not counting the $100 bonuses when you sign up for a new card and spend $500 in the first 90 days.
From July-Sept. for example, Chase Freedom Visa is giving 5% cash back for gasoline and Discover is giving 5% for hardware stores. I get 5% off restaurants and gasoline half the year, otherwise 3% off gasoline with Bank of America Cash Rewards Mastercard and 2% off restaurants with Chase Amazon.com Visa, which also gives 3% off at Amazon and 2% off at drugstores. American Express Blue Cash Everyday gives 3% off supermarkets – the $75 annual fee Blue Cash Preferred mentioned here gives 6% off. All my cardx give at least 1% on all purchases, even at megastores like Walmart, whose “Savings Catcher” is good for another 2%.
Cash is for those who are in a situation where they can’t pay-off their credit card balances or for those with no self-discipline. Otherwise, it pays to use cash-back cards!

MickinMDSeptember 4, 2015

In general, you need about a 700 score to get these cards. My score was temporarily pushed down to that level during a dispute with the IRS -which I won but the IRS used despicable taxes to try to make me give up the dispute- and I qualified for the American Express Blue Cash Preferred and the Bank of America Cash Rewards Mastercard – I have 5 cards to max. cash-back rewards. I’m going to switch to the no-annual-fee American Express Blue Cash Everyday Card before the first year is up to avoid the $75 annual fee because its only advantage to me is 6% off standalone supermarkets (3% for the Everyday Card) and occasional special deals – my other cards are better for most things.

RickSeptember 2, 2015

I’ve had a Southwest card for years, put every single household expense I can on it and pay it off every month. We acquire enough points doing that to take two vacation trips a year with no air travel expense. It works great for us especially since Southwest flies everywhere we want to go.

knitbunnieSeptember 2, 2015

I am extremely happy with my Amazon Visa card – no fees, money back every month on my Amazon account, and I pay it off every month. I do auto-pay for bills with it, put business expenses on it, and buy groceries/gas/life needs with it, so that Amazon money adds up fast. I have other cards with other rewards, and I’ve really never used any of them. The miles and points are pretty worthless to me. Amazon money is easy, useful, and it’s there with no fuss or bother.

JosephAugust 31, 2015

Stop using credit. Use cash. Period.

buck MoravecAugust 30, 2015

I am surprised that the Amex Platnium or Black Card wasn’t mentioned

JJ RiserAugust 29, 2015

We too have not carried a balance for decades and fairly frequently cancel and acquire cards based on benefits. I have never been denied a card that I applied for…hummmmm?
we have recently gotten the Citi double cash as we also like the legal tender vs points. I too have researched purchases made with points vs cash and it seems that often the deal is better with cash. We’ll see…….

DannyAugust 28, 2015

No one ever went broke by
not having a credit card.

DannyAugust 28, 2015

No one ever went broke by
not having a credit card.

EltexAugust 28, 2015

Lots of cards out there, and plenty are better than most of these. However, almost every card type suits some customers better than others. I love credit cards, never carry a balance, and I currently have about 20 active credit cards. All serve a purpose now, or have in the recent past.

Here is a hint: Don’t listen to Dave Ramsey or Chris Elliott.

Credit cards aren’t evil. At least no more evil than your stove or lawnmower. They are a tool that should be used wisely. Once they are used wisely, you can easily get free(or almost free) vacations year after year from credit card bonuses. I do realize the issue however, and it would be foolish to ignore it. If you don’t have the willpower to pay off the credit card each month, then don’t get them. I don’t know how to teach willpower, but that is the key. The path is in front of you. Do you want free trips to Hawaii or Europe? Whether you choose to take that path is up to you.

D. RousseauAugust 28, 2015

Nowhere in the article does it state what the “perfect credit” score looks like that would qualify you for one of these cards. Instead of just touting the various credit cards, don’t you think your readers want to know what FICO score is needed?

Carol GlitschkaAugust 28, 2015

We have two credit cards, one for emergencies only, the other is a gas card. They are both paid as soon as a bill arrives. Everything else is on our Debit Card or cash.

We have no debt and it’s a wonderful feeling. I cut up all of the credit cards we had back in 2001, overlapped them, glued them to a cardboard backing as a collage. I framed them, with the word “FREEDOM” pasted across them and it hangs on the wall in our office.

People who have no credit cards are the ones that impress us!

J WestmanAugust 28, 2015

Be careful with CITI Double Cash. Customer service is not helpful. I cancelled the card after two unfortunate circumstances. They blocked a rental deposit on our vacation condo even though I had talked to their security people. Despite excellent credit, payment in full each month, and a 7 figure liquid net worth they refused an increase in the $7,500 limit which resulted in refusals at the grocery store – utterly ridiculous. Maybe they will love you if you run a balance – but not if you are there for just the double cash.

ChuckjAugust 25, 2015

For someone to be denied a card just because he does not carry a balance on any of the ones he has seems a bit fishy. Perhaps there is a bit more to the reason(s) his request was denied. I carry about eight cards and over the past dozen or so years I have never carried a balance on any of them. I have turned some in and gotten different ones because of the offers given. The only ding I ever see on my credit scores is because I have had six hard inquiries within the past 24 months, but my scores are still in the low 800’s (top tier/excellent). I have yet to be turned down for any credit card I applied for and have at times gotten two new ones within a month of one another. I am not sure why he was declined.

thomas cappielloAugust 24, 2015

Yeah, exactly what Ricardo said only regarding the BAC rewards card. Filthy tricks, all of them. The only reason why I got it was to avoid foriegn transaction fees. The rewards stuff is hokey at best, and really just competes with my Alaska Airlines airmiles card, which use to be great, except that it more cost effective for me to fly Delta or Jet Blue and only use airmiles to fly oversees. So either way, there’s no win win with a credit card, I don’t think. The more you spend the more you save?! Think about that one for just little while.

Ricardo TiburonAugust 23, 2015

First: absolutely positively always pay your entire bill on time. We’ve paid one small late fee (an oversight) in 40 years of credit card use. If you can’t or won’t follow that rule, don’t use a credit card. I originally got a credit card to “play the float” free for a month when interest rates were 12%, but now I use them for convenience, though I suppose a debit card would provide the same.
I agree that the Citi double cash card is ideal (for me). I have had airline cards, probably the first cash back card, and an Amazon card that gave a choice of cash, Amazon credit, or an unusually good “points” rate–$400 flight for 25,000 “points.” However, all of those reduced the effective reward program eventually, and even before failing in that sense, one had to struggle to use the value in the case of the “points” cards. Points are like buying a gift card–I prefer unrestricted legal tender. And I would caution anyone raving about a points program to really compare the value of that free stay (Check what could you have actually gotten that room for if you had shopped?) vs. cash, and whether you would have actually spent the $ on that room if you had had a choice. Marriott points reminds me of time shares–another terrible deal. One possible exception is for people who find value in business class upgrades–they might actually be cheaper with points, but for me the additional comfort of business class is overpriced no matter what. I’ll continue to watch to see if the 2% continues. If they cancel the deal, as 1980‘s Discover card cancelled the 1%, and the American Airlines card devalued the points, and the Amazon card cancelled the $400 ticket deal, all generally without telling the customer, I’ll dump them.
Oh, and I have a card with 1.5% cash back and no foreign transaction fee that I use when I go out of the USA.

James WhalenAugust 23, 2015

United Airlines are the worst Cards they offer allot but you can never use them. $500.00 a Year for one which offers allot but again can not use it. They are all scams thank God I pay no interest.

Claire RomanoAugust 18, 2015

Ha! I was denied a credit card because I do not carry a balance on any of my current cards……good for me!
Credit cards allow me to not carry large amounts of cash, but I never pay interest because I pay off each month.

Paul MinzerAugust 17, 2015

Not having any of these credit cards means I wish not to have Any credit cards at all.

BarbaraAugust 14, 2015

You did not include the Marriott Rewards card. Has terrific benefits if you travel a lot and spend a lot. Extra points when staying in any of the Marriott family facilities, can choose miles or points. Has an annual fee, but easily gained back in benefits each year. Has lower points requirements for redeeming for free nights. Get one free night annually. We travel a lot, charge most everything to the card and pay off each month directly from bank account so no worries about interest. Just booked a 5 night stay at a Category 8 resort, using our points, costing us NOTHING! The more you spend or stay, the higher level you achieve, which gives you more benefits, like automatic room upgrades (if available) and access to special Rewars Member lounges. We frequently stay in full suites, whether we pay or redeem points for rooms. GREAT card for frequent travelers and big spenders.

D. SewellAugust 14, 2015

Best is to use a no-fee, 2%-rewards-on-everything credit card and a bank account to earn miles and interest, and for convenience (ATMs, notary service) and safety (FDIC), but to pay off the card fully with each bill and thus pay no interest. Or if you use one airline a lot, looks like their card can get you better than 2% in travel. You get more money faster and you get an easier life. Money under the mattress is shrinking from inflation and can get you killed if anyone knows about it.

LindaAugust 13, 2015

I think the VERY best card is the new Sam’s Club 5-3-1 MasterCard. You get back 5% on gas; 3% on hotels, restaurants, rental cars and 1% on everything else. If you pay in full at the end of the month it’s the best card out there. Then you get the 2% CitiBank card that gives you that percentage on everything, using the 5-3-1 card only for the first two categories.

Mary SwiftAugust 12, 2015

Chase Slate only allows balances from 3 cards to be transferred. Not an option in my case. I have more than 3.

JoeAugust 9, 2015

How to establish credit history where in fact no credit card company wants to issue you any card? I found it lunatic they give you reason no credit history? well can they check your workplace and salary?

DimitrisAugust 8, 2015

My note do not works. I did try 3 times already and shows not working . What it is the problem?

JAugust 5, 2015

The Capital One Venture card is actually a terrible travel/airline miles card. Getting double “miles” seems like a great incentive, but they dont actually mean miles, they mean dollars–the amount of miles used for a flight vary with the price of the airfare. With airline specific cards, values tend to be somewhat flat regardless of the cost of the ticket. I once flew to Portland from Minneapolis for 20,000 miles on Delta when the actual ticket cost was $750. The same ticket wouldve been over three times that with the Venture card. United has a Mileage Plus card that offers double miles on all auto, home improvements and groceries–a much better value particularly when combined with their super saver fares.

tmAugust 5, 2015

The best credit is “no credit”. Do not play the financial institution mind game. Instead put money away in a safe deposit, safe etc. To buy a car pay cash, eventually you will have enough to pay cash for more things like a home. Ourselves and many others have done this. It takes longer but easier and you save more in the long run.Of course financial institutions do not like that. Once we needed to rent a place but had no credit it was frustrating because we could not qualify. But what idiots, so we wrote a cashier check to buy the entire fourplex home cash instead. End of story!

Jose QuishpeJuly 30, 2015

It is a question, can I travel without a credit card, I mean with cash only?

linnipooJuly 28, 2015

One cannot say that best credit card is no credit card; otherwise how would one establish any credit at all?

SteveFJuly 28, 2015

Sam’s credit card gives 5% back on gas, 3% on travel and restaurants and 1% on everything else. Only catch is that the rebate is in the form of a check once each year. Fidelity Amex gives 2% cash back on everything with no limit. These are two great credit cards to have and they are both FREE – spend your cash rewards however you want – you’re not limited to just buying travel.

JeanieJuly 27, 2015

The Capital One Venture sounds like a great deal – 2 miles for each dollar. until you see that it takes 40,000 for $400 worth of travel. My US Bank card earns 1 for every dollar and 20,000 miles = $400. Exactly the same deal.

I do win, each time I use my earned credit card points to travel in first class to hong kong, australia, tokyo, dubai, paris, frankfurt, etc.

Brenda SipesJuly 26, 2015

Someone asked what the scores are, I just received a letter verifying the scoring, highest is 850 and lowest is 300. It is hard to determine which card is best to get for your dollar, interest rates, and rewards

ozJuly 26, 2015

Best Credit Card is not having any Credit card.

Investors of ChicagoJuly 24, 2015

I feel that this Blog is only an advertisement.. The author did’t researched on most of the common credit cards. I am wondering how she recommend Blue Cash Preferred Card from American Express, it has an annual fee.
Readers I advise Discover or BankAmericard.
Readers keep in mind, if you have a Good credit, really you are a great financial analyst.

MickinMDJuly 22, 2015

Chase Slate and Citi Simplicity do not belong in this list. One of the very best cash-back cards, Chase Freedom Visa, was left off for some reason – this page was very poorly researched. And these cards require “good,” 700+ credit scores, not excellent ones.
For those not wanting the $75 annual fee for AmEx Blue Cash Preferred – whose main feature is 6% cash-back for standalone supermarkets but only 1% at Costco, Walmart, etc. – there’s a no-annual-fee AmEx Blue Cash Everyday. I got the Preferred, collected the $150 bonus and paid the $75 fee, then switched to Everyday after the first year.

YRH40July 22, 2015

From having my first credit card in 1984 to now, I have found out that those with cash back rewards or any kind of rewards for that matter, have a much higher interest rate than those without a reward built into it, therefore, these rewards cards work best for people who pay their balances off on a monthly basis or at least 3 payments max because anything beyond that you may be paying more in interest than what you are getting back in the form of rewards.

Nick saulJuly 22, 2015

I went from 813 to 764 as I was appling to refinance. Yes to lower my mortgage payment. How?

ELIJuly 20, 2015

very interesting blog

ELIJuly 20, 2015

What is the highest credit score; what is the lowest?

eJuly 20, 2015

Mine went from 809 to 823 in just one month!

MikeyJuly 18, 2015

Is anyone aware of a credit card for those of us with high medical and pharmacy bills, who pay it all off every month but want 3 percent or more cash back for charging those bills?

Linda McKeeJuly 17, 2015

Best card we have is the CHASE AMTRAK REWARDS CARD, we earn enough points every three years or so to take an Amtrak trip anywhere in the U.S., including meals and an economy sleeper.

TypeJuly 17, 2015

Cash isnt king anymore! In fact if you use cash all your doing is jipping yourself out of cash back. There is no benefit to using real cash if you pay off your entire credit statement every month. I literally cannot think of any instance where using cash is better unless your doing something that requires no paper trail ;)

I have 2 credit cards. It auto pays directly from bank. I dont have to see or touch money practically.
Pocket full of change? No thanks, charge it.

Sal M.July 16, 2015

I just looked at my experian credit score and mine reads 890 which is pretty good… ?

SuzJuly 15, 2015

“If you have to charge it, you can’t afford it”

Totally disagree. I charge everything – insurance, dining, gas, groceries. I pay my balance in full each month. I earn cash back rewards each month. My money sits in the bank all month until I pay the bill so therefore I’m still earning (measly) interest on the money. I don’t pay any fees or interest on my balance at all.

Therefore, I don’t see how I’m losing out in the least.

Credit card companies make their money off of people who don’t pay their balance. In fact awhile back some were starting to charge “fees” to “punish” those who DID pay their balance off each month. If that happened, I’d cancel my card right away and find one that doesn’t. Luckily my bank didn’t go that route.

PS if my wallet gets stolen with 100s of dollars in it – I lose the money. If my credit card gets stolen, I call, get it cancelled, and don’t owe a dime. It’s just safer, more practical, and a great way to earn extra cash if you know how to use it.

DjrogersJuly 14, 2015

John F That’s pretty presumptuous of you to assume if I charge something I can’t afford it. Please explain how you are ahead of me if you pay cash and I charge it but pay it off every month? I’m netting 2% what are you getting??? If the bank is gonna give me money I’ll take it. Just like buying a car with a 0% interest for 60 months. Sure I could give them a bank check but making my money work for me vs giving it all to the bank in one lump sum is the smarter thing to do.

Sandman619July 12, 2015

Credit cards are an important part of the credit score. They don’t have to be used often, but occasional usage helps show that a person can use their credit wisely & not get into to much debt. Having too many credit cards is a risk & lowers the credit score. Managing each card’s credit limit is wise as well, probably keeping total credit available under a years salary is a good idea. Keep track of those balances to ensure that they can be paid off. Credit card interest is expensive, which wipes out any cash back offer, so pay the entire balance off every month or freeze your accounts. Literally, I had a friend show me how he manages his credit, in his freezer & in a freezer bag filled with water & his credit cards. Credit cards are not evil, but used incorrectly they can become a waste of money.

John FJuly 11, 2015

Also, I should throw out the caveat, I have this card only to have ‘a card’, and I’ve only used it 4 or 5 times so my account doesn’t go dormant. If you use credit cards, you are being fleeced. I don’t care how great the offer or agreement appears. The companies always win, and win big. At your expense. Use cash. If you have to charge it, you can’t afford it. Even if you pay off our balance each month. You can’t make any argument that you are somehow ending up on the positive end. The banks win everytime. You lose. Period. Cash is King.

DennisJuly 10, 2015

I have a 865 score

David OffuttJuly 7, 2015

Tasha, you omitted the Barclaycard Arrival MC which offers 2.2% cash back on everything. It’s a great card without limitations or restrictions, and I’ve been using it for well over a year. It’s easy to get the cash back rewards, as well as to earn additional points which effectively allows me to get a return greater than 2.2% back.

julius rosenJuly 7, 2015

Of course – you realize the merchant pays a higher rate becuase of your reward cards / And thus YOU pay higher prices.

How do i get the perfect fico score? I know that by making payments on time, but does a number of open credit cards matter, balances, and time as a credit card holder? Any other idea? My FICO score right now is 756. I want it better! What do i have to do?

Edward PriorJuly 5, 2015

I’ve got one,which i pay off every month.I would advise people to look farther down the road ,before using them too much!!! Rates may increase in the very near future.Do not carry a large unpaid balance every month.

GregJune 24, 2015

The Amex Blue Preferred Cash card excludes Costo, Sams, and Walmart from the rewards. The exclusion is in the detail disclosures.

PatrickJune 24, 2015

its not a matter of being able to pay cash. why would i do something as stupid as pay cash for something when I can use a card make 5% on the transaction then give the cash to my credit card company. If you dont use cards then you arent really good about making the most of your money.

Robin D. ZindaJune 18, 2015

The highest credit score you can receive is 900.

Syfani285June 17, 2015

These look good loan offers. This article just really helps me because he needed the cash because he wants to buy a new car.
Good article.

PabloJune 16, 2015

I thought the highest credit score available was an 825. Someone said they had an 850. Is that possible??

Anna JacksonJune 15, 2015

I pay all my bills via credit cards. All have cash-back benefits. Payments of these charge cards are paid when due directly by my checking account. No hassle about due date payments! My credit score is excellent. Have always paid bill when payment is due. So bill are paid, and besides receive cash-back.. Also have direct deposit.

zachJune 14, 2015

What about the US Bank Cash+ Visa? 5% cash back on 2 customer selected categories, 2% on 1 category, and 1% cash back on everything else. Also has an intro offer as well.

LarsJune 9, 2015

If you have good credit and can competently manage your budget, you would be foolish not to use these cards. I have made at least $5000.00 over the years by taking advantage of the introductory offers. (I currently use the double cash back mastercard, having just had $498.00 direct deposited into my checking from chase sapphire preferred). I carry 0 balance and pay no annual fees, ever. Put your electric , phone, groceries, gas and anything else you can on the card! Dummy!

fredJune 9, 2015

Glad to read this to see I really don’t need these!

Nancy S.June 5, 2015

Credit card spending is getting a rap here. You HAVE to spend money, so you may as well get something for it. Do you buy groceries? utilities? Insurance? How about Doctor’s visits, gasoline, replacing an appliance.? You can live well within your means, and pay the balance in full each month. I watch what I spend, but I put everything I can on one credit card. I have redeemed points a few times, waiting until I get $500. I use it as a credit on my bill. You’re really not smart if you aren’t taking advantage of offers like these.

MacinatorJune 5, 2015

I do not have a single one of those cards, yet my score is now 850.

WolfmanJune 4, 2015

if you can’t pay cash you don’t need it

Louis UrciuoloJune 3, 2015

The highest return is not always the best when you don’t charge enough to make up for the annual fee or dilute your charges by spreading them over several cards that give the highest returns in different specific categories. Lack of a sign up bonus is significant negative also. It takes $20,000 in charges to make up for a difference of 0.5% in returns. Since many cards offer a big sign up bonus for spending around $500 to $1000 initially, $20,000 in charges could quickly earn many sign up bonuses by applying for several no-annual fee cards and stop using them after collecting the bonus.

RonaldJune 2, 2015

When signed into law by President Obama in 2009, the Credit Card Act – sometimes called the “Credit Card Holder Bill of Rights” – was the most significant federal consumer financial reform in decades. The Credit Card Act went a long way towards curbing interest rate hikes, and banning the use of hair-trigger penalty fees rate, bait-and-switch tactics, and universal default. The terms of credit card contracts are clearer, and changes to them must be made in a timely fashion.

MLLJune 2, 2015

@KDW – The reason my credit score is near 800 is because I pay my bills on time. I can’t help that I’m responsible. I have two credit cards and keep them both at a zero balance. The reason I’m looking into another credit card is because I currently pay cash (debit from checking) for all of my groceries, shopping, and gas. That’s pretty stupid when there are credit cards out there that will pay me 2% cash back just for using them. I’m not rich, by the way.

I can tell you feel really smart because you just read a book about managing your money. Just realize that there are several wise reasons for using credit cards. Also, most people that have a high credit score don’t strive for it. It’s just a side-effect of managing your money wisely.

Tasha LockyerJune 1, 2015

@Scott B – The Blue Cash Preferred Card from American Express continues to offer 6% cash back at supermarkets (on up to $6K in purchases annually), 3% on gas and at department stores like JCP, Kohl’s and Macy’s, and 1% on everything else. You might have accidentally clicked on the link to the Blue Cash EVERYDAY Card from American Express, which only offers 3% cash back at supermarkets. Hope this helps.

Scott BMay 31, 2015

Your story states, “Blue Cash Preferred Card from American Express (a NextAdvisor advertiser) is such a great cash back card that I have one. Cardholders earn a spectacular 6% cash back at supermarkets …” BUT…when you click on the link to the AMEX site, it states clearly that this number is THREE PERCENT (3%). Is this an editorial oversight…or did something change since April 1 (your posted revision date)?

johnlippre nickolasMay 28, 2015

Baymont Inn in anderson, Ca.. Spent a pleasant week there visiting our daughter. All staff went out of their way to keep us happy. The breakfast was free, plentiful, tasty and unlimited. The room was clean and airy. The Lcd led tv worked well. We had free wifi. We lost strength once and the sweet female at the desk reset it and all was well. What else can I say. The hotel is very clean and management is always on the premises. I was elated to find the owner working a shift. The hotel is located in a secluded, but major road accessible, near a shopping center and a Jack in the Box. We felt very safe there. As a retired State Investigator, security and being at ease is my first priority no matter the price! As to the price it was most affordable. We considered staying at the casino but too many rift raff and yobs walking about. I would return there again. No problems and my wife will tell you, I look for them. Oh! And the owner is originally from Edison NJ! I originally gave a 4 star but after re-reading my review and mindful this is not a 5 star hotel and since I could not complain about a single thing, I upgraded to 5*****!????????????????????????????????

jaldamMay 27, 2015

I tried posting comments before – maybe this time is better.. best to all.

Ron WohlMay 17, 2015

I agree that using a 0% credit card to pay off major purchases or credit card or other loans that have interest charges is a good idea, but don’t forget that a 0% credit card is still a loan and requires you to pay at least a minimum amount each month to maintain it’s 0% interest status. Otherwise, it will end the promotion and begin charging the highest interest the card offers. Admittedly, some cards may offer a no payment feature until the end of the 0% period, but they are few and far between. Also, any card you hold or use is a mark against your credit and an indicator of how well you pay your bills. If you have a lot of credit cards and you pay them on time always, it shows the credit scoring companies that you can handle your debts well and that will increase your credit score. However, if you fall behind in any and you have a lot of cards that you use, your score may be seriously affected because it looks like you are “robbing Peter to pay Paul.”

For all the above reasons, I use American Express because I pay all my debts in 30 days. I have been a debtor before and use debt to finance business expenses, but I always carefully review my cash flow to be sure I can payoff a debt before I sign-up for more debt. Credit is a long and poisonous snake. If you are not a careful user, it can bite you when and where you least expect with devastating results.

Ron WohlMay 17, 2015

I agree that using a )% credit card to pay off major purchases or credit card or other loans that have interest charges is a good idea, but don’t forget that a 0% credit card is still a loan and requires you to pay at least a minimum amount each month to maintain it’s 0% interest status. Otherwise, it will end the promotion and begin charging the highest interest the card offers. Admittedly, some cards may offer a no payment feature until the end of the 0% period, but they are few and far between. Also, any card you hold or use is a mark against your credit and an indicator of how well you pay your bills. If you have a lot of credit cards and you pay them on time always, it shows the credit scoring companies that you can handle your debts well and that will increase your credit score. However, if you fall behind in any and you have a lot of cards that you use, your score may be seriously affected because it looks like you are “robbing Peter to pay Paul.”

For all the above reasons, I use American Express because I pay all my debts in 30 days. I have been a debtor before and use debt to finance business expenses, but I always carefully review my cash flow to be sure I can payoff a debt before I sign-upo for more debt. Credit is a long and poisonous snake. If you are not a careful user, it can bite you when and where you least expect with devestating results.

EricMay 13, 2015

I’d be a better believer in C’cards if they wouldn’t sit on the payment till the payment date expires, thus a late payment is tacked on. when confronting them they’ll tell me it’s my banks fault. hmmm my bank is prompt with everyone except American express. mine is now shredded. i’ll stick to my debit card thank you.

cactusbobMay 13, 2015

Ginny’s reply to Laurie (I think) is similar to money wizard Suze Orman’s recommendation for paying off balances. Ginny’s method is sound if paying off cards more quickly (pay down low balances first) is more important than saving money. Suze’s method concentrate extra money on the cards costing the highest rates first, then applying all freed-up money on the next highest rate, etc.

High postage costs to make the many payments can be avoided if you bank on-line, and the payments get there faster than snail mail. Every personal check you send in the mail has your bank data and account number on it, making that method less safe than on-line transactions.

For consumers who have control over their spending, using a credit card instead of cash for most everything can earn a lot in cash rewards, and it is much more convenient, but one must be able to pay off all of the balances in full every month. When you can do that, the rate charged is irrelevant, as you never have to pay it. For those who can’t make themselves do that, paying cash is better than high fees and repeated bankruptcy.

ginnyMay 11, 2015

Laurie
I had too many credit cards with balances on them and was given some great advise that worked for me so i will pass it on to you.
Instead of paying a little over minimum on each credit card, pay only the minimum on the high balance ones and take all the rest of the money you would have put toward that and put it ALL on the lowest balance (if there is more than one that is low, choose the one with the highest interest first). Once that is paid off, put that card away and do not use again until you are out of debt. Then continue to pay off the lowest card and putting that away etc until you are down to the one card with the highest amount owed. Pay this one off before using any of the other cards.
So if you have a card with $100 balance, one with $200 balance, one with $300 and one with $400 and you would normally pay $25 per month to each you would be paying $100/month in charges. if you pay only $10 on the on, $15 on the other, $20
assuming those are the minimums, you could put an extra $30 toward the $100 balance which would bring that down to $45 balance ($30 +$25 usually paid)
The next month that would be paid off and you would have an extra $25 to put toward card number 2 which would be paid off in 3 months. Card 3 then would be paid off in 4 months and the last card would be paid off in just 4 month because you could use the $100 for just that card.
my math may be a bit off, but i hope you get the concept. after you have paid off your cards, don’t use them again unless you have the money in the bank to pay off in full every month. Writing what you charge in your bank register and subtracting it from your balance will show you how much you have to spend. This also helps to watch for fraud since you would check off the charges that come in when you write the check to pay off your card. It’s easy to forget what you charged and you could spend more that you think.
this is not a lecture (though the length may seem otherwise) but i was in the same boat and i now have great credit and pay off everything each month.
good luck

ginnyMay 11, 2015

Laurie
I had too many credit cards with balances on them and was given some great advise that worked for me so i will pass it on to you.
Instead of paying a little over minimum on each credit card, pay only the minimum on the high balance ones and take all the rest of the money you would have put toward that and put it ALL on the lowest balance (if there is more than one that is low, choose the one with the highest interest first). Once that is paid off, put that card away and do not use again until you are out of debt. Then continue to pay off the lowest card and putting that away etc until you are down to the one card with the highest amount owed. Pay this one off before using any of the other cards.
So if you have a card with $100 balance, one with $200 balance, one with $300 and one with $400 and you would normally pay $25 per month to each you would be paying $100/month in charges. if you pay only $10 on the on, $15 on the other, $20
assuming those are the minimums, you could put an extra $30 toward the $100 balance which would bring that down to $45 balance ($30 +$25 usually paid)
The next month that would be paid off and you would have an extra $25 to put toward card number 2 which would be paid off in 3 months. Card 3 then would be paid off in 4 months and the last card would be paid off in just 4 month because you could use the $100 for just that card.
my math may be a bit off, but i hope you get the concept. after you have paid off your cards, don’t use them again unless you have the money in the bank to pay off in full every month. Writing what you charge in your bank register and subtracting it from your balance will show you how much you have to spend. This also helps to watch for fraud since you would check off the charges that come in when you write the check to pay off your card. It’s easy to forget what you charged and you could spend more that you think.
this is not a lecture (though the length may seem otherwise) but i was in the same boat and i now have great credit and pay off everything each month.
good luck

Mark P.May 9, 2015

This is a reply to Mike Brink’s comment above.

Are you serious, or, are you being facetious? I hope it is the latter, because there are a thousand reasons to have good credit.
And, this article is actually VERY good information for people with good credit ratings.

Let’s say that you are going to make a huge purchase. To the tune of, lets say, $20,000. Why wouldn’t you take a 0% (zero percent) loan for 15 months. You could keep your money in the bank, or money market funds earning you interest the whole time.
Then pay off the free loan before the deal ends!
So, you are using their money for free, and the whole time you are making money on your $20 grand cash.

Also, having good credit gets you MUCH lower interest rates when you are buying something like a car, boat, or your new home. Lets face it, VERY FEW people have hundreds of thousands in cash on hand to buy a house, right?

So if you buy a house with good credit, your payments will be way less. With a 30 year mortgage, that can save you $thousands of dollars.
Not a bad deal when your only complaint is getting credit card offers in the mail. AND no one is forcing you to sign up for any of those offers.

I would be curious to know if you have any feedback on what I said?

-Mark

D in DCMay 8, 2015

Quick and dirty answer to the interest rate issue — budget your money and don’t use credit cards except to get the perks. Credit cards are loans. If you don’t over spend then you don’t need the credit cards, or at least you won’t run a balance. Don’t buy what you don’t have the $$$ for.

James BMay 7, 2015

The point of these credit cards is to earn money. The only way to earn money is to pay the balance in full each month or prior to the end of the 0% offer. The APR of the card does not matter because you should never carry a balance. If you consolidated other debt on a 0% card, divide the amount transferred by the number of months of 0% interest then pay that amount each month. Any additional charges made to the card should be added to that monthly total and paid each month or you will still carry a balance at the end of the introductory interest rate period. If you are unable to make that payment, you must reduce your spending or you will dig yourself farther into debt.

GARYMay 2, 2015

reply to laurie: try consolidated credit counseling service in florida. they took my six credit cards and had all interest reduced and stopped and late pmts stopped and only charged me $18 a month fee. I made reduced pmts to cccs and had all cards paid off in less that 3 years.

Why would anyone use cash over a credit card? Pay it off every billing cycle and never pay interest. Time it right and you’re using money that won’t come due for two months. Use your credit card in this manner and the rewards they give you is truly FREE money to use as you wish.

LaurieApril 29, 2015

Please anyone tell me where I can get a decent card to transfer balances on with a modest interest rate?Or a bank that will give me loan.I have way too many lines open, sending each,100$,200$,300$ payments a month.I’ve done it before, now my bookkeeping is getting tired of stamps,tired of seeing 12% (ok to me)but store cards and a couple more are22-24.9?I never noticed or looked until I was scammed, forced to take action. ..4 cards being investigated buy fraud protection! Thank Goodness they know my routine! !!Sent letters and called.Anyhow, I would love to consolidate. Had great credit for 22yrs.DO NOT EVEN LIKE THE WORD BANCRUPTCY. HONEST PERSON LOOKING FOR 1 CHECK TO BE MAILED OUT. OR AMOUNT DEDUCTED ONCE A MONTH/ONE PERSON. I JUST WANT TO SLAM PAYMENT DOWN ONCE A MONTH TO ONE CREDITOR.. .PS.Allready denied by “lending club?”TOO MANY LINES OF UNSECURED CARDS OPEN?But they did refer to someone else whom calls &connects EVERY DAY? ?WE’LL SEE WHAT HAPPENS ?!!THANKS IN ADVANCE! ALSO,JUST ABOUT FINISHED WITH THE CHARGES BEING DONE OVERSEAS.Im an honest Christian woman who loves God and praying for something real.A yes would be good.TY.and God bless. BANCRUPT OVER ABOUT 25,000 NO.IVE DONE 28 in 3yrs.I will do this morally.Even if I have nothing to show….im too kind,not anymore.

rsiskinApril 29, 2015

FIA card services through Fidelity offers 2% back on all purchases.. no fees.. etc.

FredApril 25, 2015

If you pay cash, you’ll never need credit.

Mike BrinkApril 23, 2015

Forget good credit. I maintain a low score and I am better off with it. High credit scores bring more credit card offers in the mail leading people to spend on credit producing more debt and heartache. This article is nonsense. The banks are trying to look good but they are not. The bank is not a saint when it comes to money. They never were nor will they be in the future. This offer by the banks is a wolf in sheeps clothing. Take a hike Mr, Banker.

Dont Pay InterestApril 22, 2015

If you need to know the APR of a credit card, you probably shouldn’t be using credit cards.

MarioApril 21, 2015

I own and have owned over the years several varieties of rebate credit cards. I see and read many comments on the drawbacks of credit cards. Like any tool, it must be used for what it was intended. I have American Express Blue Cash and the card is accepted everywhere I have needed to use it. The card does exactly what they claim. The 6% on groceries is a true rebate. The posting claiming that credit cards are evil and are not preferred is not a completely true statement. Misuse and improper use of credit is what is bad. I do no use checks. This is just a tragedy waiting to happen. Unlike a credit card. You are not protected by issue someone a check.. Your check has everything on it for someone to commit fraud and empty your bank account. At the bottom of your check is your entire banking routing number and bank account number. A criminal just scans your check and begins printing counterfeit checks from your account. A credit card limits your loss to $25.00 for unauthorized purchases. On the issue of Cash.. To buy groceries.. fill the gas tank and pay with cash would require I have hundreds and hundreds of dollar of cash in my pocket and require constant visit to ATM or bank to replenish my wallet. The Credit card allow to purchase online and order items. I can hold/reserve a future purchase and I am able to cancel with ease. The fact a company gives a reward for the use of the card is good business sense. Vendors and store owners build the cost in the use of credit card. Sure, as an owner can offer a discount for use of cash. I find this more popular for stores who do not wish to sales tax and income tax purpose. With this all being said. If you can handle a credit card. American Express Blue is fantastic and web, mobile and customer support is superb and polished.

Jessica BenjaminApril 18, 2015

This would be a lot more helpful if it included the eventual APR on each card.

suartelApril 16, 2015

Who has time for all the restrictions? Blue Cash preferred from AE for example sounds great right? 6% back. Wow. But then you go to their site and realize they don’t consider superstores or warehouse clubs a supermarket or gas stations. Thinking about it…I get my gas at BJ’s all the time and I do shop at superstores often so it really only benefits you if you are paying more to begin with by frequenting stand alone markets or gas stations.

Harold WatsonApril 15, 2015

I have a Capital One Sparks card that pays 2% on all purchases and no annual fee. I never see this card listed as one of the best but I have never seen another card that offers more. What do the “experts” that author these articles have to say about this card?

CSTApril 10, 2015

Bank of America cash rewards is great, BUT if you buy groceries at WalMart you will NOT get 2% back.

shahApril 9, 2015

This note is about how bad American Express is. I had SPG card from American Express. Payment is always made on time and in full. One month I paid $15 (out of $3000+) less by mistake. I have a reading issue. I got charged $25 dollars in interest. I paid in full next month. I got charged another $14 in interest. I spoke to AE person name John and he refused to remove $14. I spoke to his supervisor in Fort Lauderdale she refused too. Not only she refused bust she put a block on any future credit. I wrote to CEO office they refused too. I also suppose to get 10,000 points after first purchase they didn’t give. I spent $5000 which should have given me another 15,000 points. AE refused.

I told American Express to remove my family for all promotions. They are still sending me. My wife & me cancelled our American Express cards. We will never have AE. Please note our Credit Score is 800+ and we always pay in full and on time.

WblissaApril 9, 2015

Folks are just realizing that it is the small business that chooses to accept your card that is paying for all your card perks? You want to be a bitter business owner because you believe you must take credit cards? Maybe you like that immediate payment, chanting the same babble as you run the card, and are happy to turn over a percentage of your work to others to enjoy. No? Then, why do you participate and accept credit cards. Never will I ever give even the best customer $75 of my hard-earned money. I will share, pay it forward, give as I choose and can to those who need. As a small business owner, we learned in the first six months in the mid-90’s to stop harming ourselves for the convenience of others.

We do not want or need a relationship with your credit card company? Yes, we are one of those businesses who accepts only checks (who has a real checkbook anymore?) or cash. (However, in our personal lives we use our one and only credit card that provides the finest perks. All the gifts are purchased online using “points”–gift-giving is zero. Well, no. Big businesses online and in real, life shopping are paying for the gifts. Thank you, Macy’s. Thank you, Amazon. Hypocritical? Of course.)

It is ugly, and small businesses only harm themselves taking a card…or is a debit card safe? Hmmm. Maybe that is why our small business is by the grace of God successful and comfortably supporting us–we can charge less and still have a decent profit. Grew up small town girl and now an older woman in a small town world. We’ll not become tycoons, returned to our home town and here since mid-90’s, no European vacations–hell, no vacations since we began. What beats self-employment and lots of time in yoga pants? What trumps making your own choice, and embracing your decision. (Hey, I carry a little old cell phone. I know how to make a call for an emergency. I like having the mortgage paid, good food to cook, a good old car to last my life, and owning my choices, our business, and our simple lives in undebtedness. What is texting, tweeting, instagram….and, in our business–who cares.)

A colleague likes Paypal…all payments made as friends and family (a lie, I know) and it works for him. Could it work for you? When and where was it declared that if you establish a business, then you must accept a credit card? Society expects it? Their expectations are flexible with the right approach, attitude, explanation, and sharing a laugh. If not, direct them to the next shop with a smile and virtual kick in the pants. No, they really did not know it was from our pocket that they received that $75. Yes, now they get it. And, they will return for more. Patience, honesty, and a smile work when your product, your talent is special.

If you choose to take cards……suck it up. Accept it, hush, unknit your brow, and move on. If you want to try a change, create a plan, have an open house, call a local reporter, have your business featured and the wonderful work you do–explain how customers will appreciate and tresure your craftsmanship, talent, products–your uniqueness–and mention how you are simplifying and moving away from the losses endured accepting cards.

What good is “it” if “it” makes you crazy?
Simplify.

BretApril 7, 2015

A lot of “anger” – how can some of those who have posted be so angry about others of us getting a percentage of our hard earned dollars “back” based on how we spend our money? Good credit has been earned by people like me – I am 46 years old and have NEVER as much as bounced a check – ever! Never been late on a single payment, never defaulted on any debt……why hate me?

SherriPoppinsApril 6, 2015

The CREDIT CARD company doesn’t give you ONE single penny. It’s the vendor (the place you spent your money at) that rewards you using that credit card. There is a higher swipe fee and a higher percentage rate for the vendor. Hopefully soon, the vendor will be able to CHARGE the customer for using the card…even it’s only a paltry fee of a buck.

TurboApril 3, 2015

@Vicky The old version of the VantageScore recently changed from a max of 990 to 850 to match FICO.

JBApril 1, 2015

With grandchildren in distant states it is a must for us to travel. Since we stay several weeks with our children at a time, we need to check luggage at the airport. For that reason alone we save hundreds per year in luggage fees by having the airline card. So ultimately it is ones’ lifestyle that determines which card or no card is best for you. I never have been tempted to overspend as some suggest the cards do. I merely see them as a substitute for carrying a lot of cash I’d rather not and if I can get free checked luggage then so much the better.

straightedgeApril 1, 2015

if you cant pay off the card at the end of the month then you shouldnt carry one….so pay of your debt first mor*ons and stop living like a king when you can afford to be a pauper..

Stan ConwayMarch 31, 2015

I use an American Express Skymiles card and get enough miles to fly a couple times a year for free. Plus I get two companion tickets so thats at least 4 tickets a year. I pay the card off each month so there is no interest. Just the annual fee. I am very happy with it. I will say that if you can’t afford to pay your card off each month you probably should not have it. Just use a debit card. Debt is too dangerous to play around with.

FifMarch 31, 2015

So, all of these cards offer a rewards programs and that what makes them great, eh?

I suppose its great for the companies offering the cards because the more YOU spend, they more they make in transaction charges and account interest.

I suppose cardholders will argue they’re great because the more THEY spend, the bigger the reward they receive.

It seems to me cash back reward programs are nothing more than a regressive sham, designed to deceive consumers who SHOULD know better into thinking they are somehow receiving something for nothing and that these programs come free of any other social or economic consequences.

Given retailers will do what needs to be done to maintain profit margins, it makes sense that those participating in cash back programs are likely forced to raise prices across the board to cover the costs of that incentive program.

If so, that means EVERYONE, those who have cash back cards and use them as well as everyone else who either choose NOT to use a credit card or aren’t able to qualify for one of those cards pays HIGHER prices.

In the “old days”, some retailers offered discounts for cash but those days appear, at least for the most part to be gone now. I’d love to see those programs return!

Why aren’t there more consumer voices calling attention to the inequity issue of why ALL consumers are being forced o pay more for almost everything we buy to fund cash back / rewards programs for a narrow and privileged sub-section of the general population?

billMarch 31, 2015

You never address rates they charge only intro rates.
My current card is 6.9%

Jenifer S.March 29, 2015

What this article doesn’t address is with the use of RFID chips in credit cards, driver’s licenses and passports is the fact that anyone can purchase a card reader which can then read the chip in these cards. Often referred to as “electronic pickpocketing”, these card readers can read the info on the chip while it is still in your wallet. Thieves can simply walk by you with one of these card readers and take the info from the chip without anyone knowing. The only way to protect our info embedded in these new cards we will be getting, is to get RFID protected wallets which blocks the card readers from scanning the info on the chips. It seems with every new development technology makes, there are people out there one step ahead of it and the consumer needs to be made aware of potential problems, even if the technology is suppose to help protect us.

JohnMarch 29, 2015

I have used Chase SapphirePreferred for many years, and it’s very good! I love how they answer the phone immediately when you call and know your name. No press 1 press 4 etc. Literally no hold times. Great Company too overall.

GMarch 29, 2015

All of them are bailout banks? ……….

Kirt ParkerMarch 28, 2015

I use the Citi Double Cash Master Card to receive 2% cash back on everything I purchase on the card (even routine monthly insurance & utility bills). But, I use the Chase AARP Visa Card to receive 3% cash back on Auto Gas & Restaurants (1% on everything else). With these two cards, I received the most cash back on everything that I buy :)

JJMarch 26, 2015

Fidelity American Express beats all these. No annual fee, 2% cash back deposited directly into a Fidelity Account. All the benefits of AMEX too.

Len MullenMarch 23, 2015

Not at all excited about these cards. For regular people, Discover is a better deal. First, get a card holder to get you a referral — you both get $50. Then open a FREE Discover checking account to get ANOTHER $50. Check Discover Deals for cash back from just about everyone — typically 5%, but 20% on flowers. Use your cash back to buy gift cards at a discount — typically 20%. I buy Staples gift cards for 20% off their best deals. Sign up for 5% cash back ON TOP OF Discover Deals each quarter. Generally, they run 5% off retailers during the Christmas shopping season which will get you 10% back at all the big stores. Almost forgot extended warranties, price protection, and free credit reports.

CJMarch 20, 2015

To Cheryl L.
Instead of (or in addition to) a 4.4 % card, try to find an offer for 0% for a year (or the longest time you can find.) The one mentioned in the article has no transfer fees —so that would be a good choice. Then —divide what you owe by the number of months the 0% lasts. Say you owe $3600. That would be $300/month. You can pay it off at $300/month at 0% interest, providing you don’t use it to buy more, or if you do, you have to add the amount spent in one month to the $300 payment.

If you are very disciplined, you can do it this way instead:
Pay the minimum on the 0% interest card, but put the difference in a savings or Money Market account —if the minimum due is $40, you would deposit $260 in the bank if we use the example above) I know interest rates are pathetic, but you might as well earn a little on the money. By the time the year is up, you’ll have enough in the bank to pay it off (providing you don’t spend it —that’s where the discipline comes in) and you can keep the interest you earned.

I did this for the last $3600 I owed on a cc back when they weren’t charging transfer fees. At the end of my year of 0% I found a 0% card for another 18 months. So I kept paying the minimum and socking away the difference between that and $300, even though I had enough to pay it off. Then I found another 0% card and another. I always paid online, so I didn’t even pay postage. I had enough to pay it off after a year, but since I didn’t have to pay interest, I kept paying the minimum and putting money in the bank. At the end of 6 years, it was paid in full, and I had socked away about $250/month, plus interest. I had more than $18,000 in a MM account and that became our emergency fund which, luckily, we’ve never had to use, but it’s there if we need it and, of course, has grown with additional deposits and interest. We’ve invested some and paid off our house with some of it, but there is still enough to get us through most emergencies.

Everyone’s goal should be to get out of debt. I hear people say you shouldn’t put anything into savings until you pay off your credit cards. I disagree. If you have no savings, if an emergency arises, you will end up going into debt again. I hear people say that you shouldn’t pay off the house if you can invest your money at a higher rate than your mortgage interest. But, I know several people who lost there jobs, sometimes both adults in the household in 2008 or 2009. Those that didn’t pay ahead lost their houses. Others had paid so far in advance on the mortgage that they didn’t have to worry about losing the house in addition to losing their jobs. Remember that the economy will plummet again sometime. It always does.

CJMarch 20, 2015

To Cheryl L.
Instead of (or in addition to) a 4.4 % card, try to find an offer for 0% for a year (or the longest time you can find.) The one mentioned in the article has no transfer fees —so that would be a good choice. Then —divide what you owe by the number of months the 0% lasts. Say you owe $3600. That would be $300/month. You can pay it off at $300/month at 0% interest, providing you don’t use it to buy more, or if you do, you have to add the amount spent in one month to the $300 payment.

If you are very disciplined, you can do it this way instead:
Pay the minimum on the 0% interest card, but put the difference in a savings or Money Market account —if the minimum due is $40, you would deposit $260 in the bank if we use the example above) I know interest rates are pathetic, but you might as well earn a little on the money. By the time the year is up, you’ll have enough in the bank to pay it off (providing you don’t spend it —that’s where the discipline comes in) and you can keep the interest you earned.

I did this for the last $3600 I owed on a cc back when they weren’t charging transfer fees. At the end of my year of 0% I found a 0% card for another 18 months. So I kept paying the minimum and socking away the difference between that and $300, even though I had enough to pay it off. Then I found another 0% card and another. I always paid online, so I didn’t even pay postage. I had enough to pay it off after a year, but since I didn’t have to pay interest, I kept paying the minimum and putting money in the bank. At the end of 6 years, it was paid in full, and I had socked away about $250/month, plus interest. I had more than $18,000 in a MM account and that became our emergency fund which, luckily, we’ve never had to use, but it’s there if we need it and, of course, has grown with additional deposits and interest. We’ve invested some and paid off our house with some of it, but there is still enough to get us through most emergencies.

Everyone’s goal should be to get out of debt. I hear people say you shouldn’t put anything into savings until you pay off your credit cards. I disagree. If you have no savings, if an emergency arises, you will end up going into debt again. I hear people say that you shouldn’t pay off the house if you can invest your money at a higher rate than your mortgage interest. But, I know several people who lost there jobs, sometimes both adults in the household in 2008 or 2009. Those that didn’t pay ahead lost their houses. Others had paid so far in advance on the mortgage that they didn’t have to worry about losing the house in addition to losing their jobs. Remember that the economy will plummet again sometime. It always does.

CJMarch 20, 2015

Someone asked why, if you have enough money and can pay your debts, why you would want a credit card.

Besides the fact that it’s almost impossible to make an airline or hotel reservation or rent a car without a credit card, there is one great reason to use one.

For the cash back of course. I pay for just about everything with credit cards. I’m not a compulsive shopper —in fact I hate to shop. If you are a compulsive shopper, this probably won’t work. And it only works if you will pay in full every single month.

I have several cards which I use to get the most cash back on the things I use. I pay for groceries, utilities, and any other bill that will accept cc. And I know which card to use to get the best rewards for various products. It also cuts down on paperwork —most bill are set to be paid automatically with a credit card and I set up all my cards for automatic payment in full. so I never pay a finance charge.

I got rid of all debt, including my mortgage by paying a $100 extra every month, no matter what, and using bonuses or overtime to pay even more. I’m not even close to being wealthy (now retired on a fixed income) so I can use the extra cash back even if it’s only a few $hundred in cash rewards each year.

CJMarch 20, 2015

Re: GM card

The GM card is avail to anyone. I think all rewards have to be used to buy GM vehicles. At least that’s the way it used to be. (You should search for the GM card site to see the current details.) If you will most-likely buy GM sometime in the future, then it is surely worth it, because the rewards don’t expire.. If that’s not the case, then look for a different card.

CJMarch 20, 2015

Re: GM card

The GM card is avail to anyone. I think all rewards have to be used to buy GM vehicles. At least that’s the way it used to be. (You should search for the GM card site to see the current details.) If you will most-likely buy GM sometime in the future, then it is surely worth it, because the rewards don’t expire.. If that’s not the case, then look for a different card.

Cheryl L.March 19, 2015

PaulainMissouri I have low *8% APR card & I love it. would you ttell me thee name of the 4.4% card you have. I would like to look into it. Thanks

LoriMarch 15, 2015

@ivor h tarr do you have to be a GM employee for this card? Or does anyone else know? And if you are an employee of GM and have this card is this supposed to be for work purposes only?? Thanks for any responses in advance (-:

CindyMarch 13, 2015

First, please do not sell or give my e-mail to anyone. Question: I have been told & heard from several cc authorities that if you have premium credit and decide to reduce the number of cc’s that your credit score will drop. It seems illogical to me. I have zero on all my cards but more cards than I need. If I close some of the accounts logically, my score should go up. Can someone explain how to reduce the number of cc’s & escalate a current very good credit score to an even better score?

ivor h tarrMarch 13, 2015

in articles re credit cards no one seems to include the gm card. there is no annual fee,
it pays you 5% on all charges, and you can accumulate $500. in credits for a maximum
of 7 years. (that should read $500 a year). so far, i’ve used over $8400 in credits when
purchasing new gm vehicles.

Kate SanguinettiMarch 13, 2015

Very informative

JimmyMarch 12, 2015

LOL at all the money experts in the comments section! Some of you could have wrote the article with the wealth of financial knowledge you possess.

backMarch 11, 2015

IF you have sufficient income and no problems paying debt, why would you WANT a CC?
In order to get excellent credit you have to have the above. If you do you can live life happy and do what ever you want without a CC. CC companies and credit reporting agencies are in league together to rope you into debt by offering you CC deals that seem too good for a short time then saddle you with hostile contracts that make you walk a razor’s edge, virtually controlling your life. I’ve lived the last ten years and have done everything I wanted without a CC.

KarenMarch 11, 2015

I looked at Dr. Ken’s comment. You say you dropped all but 3 cards. Did you close these accounts? Because I have always been told if you pay off a card and then cancel it, that you credit score would drop. If you are trying to get a score back up say to a 700 score it would not be easy if you get points deleted for doing the right thing of paying off and closing accounts.

Paul WMarch 10, 2015

I’ve considered several of these cards, but when it comes right down to it, my Capital One Venture wins hands down. Instead of worrying about how to maximize your points, you get a cosistent 2% back no matter what kind of transaction it is. Annual fee is low at $60 (which I can often waive just by calling and asking), and I earn enough points for a free roundtrip ticket from San Francisco to Seattle just for paying most of my living expenses on it. I’ve had the card for 23 years and see no reason to change it.

PaulaInMissouriMarch 6, 2015

in all of the descriptions of the cards, I don’t see any APRs listed. That is important to me because I often make large purchases on the one cash-back card I have. So far, my cash back and interest charges are about neck and neck. Another card has only 4.4% APR.

DeeMarch 6, 2015

Good info!

DrKenMarch 3, 2015

What no one seems to realize is that every new credit card you take lowers your credit score. One of the components of your credit score is the average length of time you’ve had your credit cards. Everyone is trying to entice you into getting their card whether its via money back or discounts (e.g. retail credit cards). Folks struggling to make ends meet are taking store credit cards to help them lower their monthly expenses. Then when they go for a mortgage or auto loan they are either denied or get a higher rate because of their low credit card score. I dropped all but the oldest credit cards I have ( one VISA & one MasterCard & one Discover) and saw my credit score rise dramatically. And when I saw an ad for a Discover card with a higher rate of money return I simply called Discover and had that card changed to that plan, getting me more money back without dropping my credit score. My advice is to not fall prey to marketing schemes and forget retail vendor cards and simply change the plan of your bank credit card when a new higher-yielding plan becomes available.

RainerFebruary 26, 2015

I have at least 6 credit cards, excellent credit, and carry zero balances. As someone who chooses cards based on their travel benefits, none of the cards on your list interest me. I could care less about annual fees; for example, when I get a free night every year on my Marriott card, I’ve justified the annual fee. A low interest rate is also of no concern to me; more important are the sign up bonuses and the category multipliers. I typically get 50000 – 70000 points or miles for signing up — if it’s less, wait for the better deals to come around, which they always do. My Chase Ink Plus gets me 5X points on office supply, phone, cable, and internet purchases. So naturally my phone and cable bills are auto-pay on that one. And it’s also 1:1 transferable to United miles. Both Marriott and IHG cards are 5X for purchases on their hotels and get me automatic membership in their elite programs. The United Explorer card gets me an additional 10K miles per year if I spend a certain amount, plus lounge passes. My best card is the United Select, which is no longer offered: 3X on United purchases and 5000 annual PQM miles.

ChrisFebruary 25, 2015

I have the Citi double cash for most things, Sams mastercard for gas and eating out, Discover IT for rotating categories, and Capital one Spark for business. 2% is the minimum I receive on any purchase and it equates to over $2400 a year in total cash back.

JACKFebruary 21, 2015

Discover! They are patriotic. Even though it would be cheaper for them to do so, THEY DO NOT OUTSOURCE! Even if u call them at 2 A.M., u will Speak to an American agent! They are willing to invest in American jobs, at the risk of receiving lower Profit. Kudos to them!

MichaelFebruary 21, 2015

Sam’s Club MasterCard gives you 5% back on gas, 3% on travel & dining, and 1% on everything else. You need a membership, but that’s the only “fee.” In my mind, it blows these out of the water.

AdrianaFebruary 20, 2015

I like hearing about these

VinceFebruary 19, 2015

I like the comment “People with excellent credit are not worried about balance transfers or interest rates”. It is so true. The only thing I care about is 1. is there zero annual fee 2. how much cash back does the card offer? Also, I keep at least one credit card with zero foreign transaction fee. People with excellent credit don’t carry balances on their credit cards, so balance transfers and interest rates are irrelevant to them.

MaggieDFebruary 18, 2015

As to the comment about DISCOVER…being from a military family I’d just like everyone out there to know that the “wonderful” DISCOVER card was the ONLY company that gave me a hard time when my husband was deployed to Saudi Arabia during desert storm. According to the Soldiers and Sailors Act, should the activated service-person lose regular income (i.e.,their job) and/or be paid substantially less from the military they do not have to pay on the account until their tour of duty is over. This is the law. And DISCOVER was the ONLY company that gave me grief about this and made threats. They are horrible. So all militaty people (those on reserve esp.) beware of them. Needless to say I paid them over and shredded the card–I will NEVER do business with them again. Great card? I think not.

DeeFebruary 13, 2015

It’s easy to SAY, “don’t spend more than you make or can afford”, (in this “I want, I want” society), Safe House…but the REALITY is that most people don’t have the financial skills needed to know how to set up even a simple budget, (which is something folks like “Dave Ramsey & his clones” assist thousands of people with daily)! As a retired, widow, who just paid off my house mortgage, I’m glad I read “The Total Money Makeover”. I paid off my mortgage 4 years earlier because of it & I have NO DEBT! I also agree with the others who touted the virtues of the Discover Card. I use it for EVERYTHING & pay it off monthly. Herb is right, their customer service IS stellar & I just purchased a new MacBook Pro with my CashBack, (plus I bought all 11 of my grandchildren’s Christmas gifts)! None of the cards mentioned can hold a candle to Discover!

Just SayingFebruary 12, 2015

None of these cards are worth having. Explain to me why all these cards have 12-23% interest rates variable when the 10 year note is below 2% and has been between 1.7 and 2.5% for the past 7 years.n I have my CC through my credit union. My interest rate is more than half the lowest rate of any of these and its fixed.

Davey RamsesFebruary 11, 2015

Dave Ramsey is not for everyday people, callers will say ” I just inherited my father’s estate worth 2.3 million clams “

Not FooledFebruary 11, 2015

Hey “you’re broke” – If you use no credit & pay cash for everything then you have no credit score.

JeriFebruary 11, 2015

Discover! Discover!! Discover!!!! DISCOVER!!!!!
Just can not say that loud enough – Best card – hands down. Great customer service and no gimmicks. Discover! You will not be sorry.

Say what?February 10, 2015

People with excellent credit are not worried about balance transfers or interest rates.

That said, if you are trying to get out of debt, getting that balance on a “no-interest on balance transfers” card is imperitive.

Not BrokeFebruary 10, 2015

Hey “you’re broke”, you clearly are not qualified to give anyone financial advice. I use credit cards for nearly every purchase ($60K annual credit card spend). I do not pay a lick of interest as I pay all cards in full each month. My credit rating is also well into the 800’s. The biggest difference? I get either several free airline tickets or a thousand or so dollars each year in rewards. I also get enhanced rental car insurance, extended warranties and many other benefits provided by the CC companies. Also, why pay cash for a car when you can get 0% or nearly 0% financing? Do you like giving away money? Your money should be making you 7% annually. I’d rather make money on that $40K than let the car dealers hold it. $40K is a heck of a lot more money all at once in 2015 than it is spread out over 5 years. That last $600 payment is not as much in 2020 dollars.

R MillerFebruary 10, 2015

These are lousy cards. Go with Discover and its great rewards points and customer service.

syebFebruary 9, 2015

I love how these people say something like: “Oh I don’t use credit cards like the unwashed masses. I pay cash for everything. In today’s world that is just impossible. Last I checked “cash” was not a payment option on Amazon.

The Safe HouseFebruary 8, 2015

I don’t need Dave Ramsey or one of his clones telling me not to spend more money than I make, really ? Thats personal finance 101 . There is nothing wrong with using credit wisely, just don’t spend more than you make or can afford .

Herb StarrFebruary 8, 2015

Over the years, have used most of the touted cards including AMEX.
But Discover with its stellar customer service (and its Cash Back deals) is leagues ahead the rest.

VickyFebruary 8, 2015

@Grandma Rose – I’m very curious… How can your credit score be 856 when it caps at 850? Are you magic?

you're brokeFebruary 6, 2015

No need for CC’s here. I pay cash for everything. Go ahead get those anchors of debt. My credit is in the 800’s and I have no CC. If I want a car I pay cash!!! If I want anything it’s paid in cash. I owe all this too following Dave Ramsey. I suggest you do it as well. Quit drinking the Credit card Cool-Aid suckers.

Patricia A GurakFebruary 5, 2015

I prefer my Discover card and use it exclsively

ArbieFebruary 5, 2015

The Bankamericard is a good card but beware a hidden scam: If you take advantage of the balance-transfer option, there is an initial 2% fee (effectively the interest rate, which is OK at today’s rates). However, what then happens is that, if you use the card at all during the time the “loan” is outstanding, they sock you with at least a $1.50 charge (effectively hiking the interest rate of the loan).

The only way to avoid the interest hike is to not use the card, which can cost in terms of the generous cash-back.

TANSTAAFL! (There ain’t no such thing as a free lunch.)

Warren TurnerFebruary 3, 2015

The problem with this kind of evaluation is that it does not take into account how users are treated. I bought (on line) a standard retail boxed version of a Microsoft product. unfortunately I was sent a disk which could not be used even if I wanted to, as it would be both illegal and non functional for my application. They even sent the product in an envelope which the could not possibly contain the Microsoft retail box. They refused to exchange for the correct product.
No refund could be negotiated by the Credit card company, so they (Blue Cash Preferred Card from American Express) approved the charge and refused to recognize the blatant scam! So in a sense they are accomplices to an illegal operation.
Doesn’t that give you confidence in their security on large transactions.? And why the nominal benefits listed are not the real story.

no kiddingFebruary 3, 2015

You can take advantage of the programs of credit cards if you just make sure to pay off the last month’s balance each month. I must get 3 or 4 free airline tix every year because of it…

VirgilFebruary 2, 2015

Thanks for the post. Good ones to check out.

Peg LorenzonFebruary 2, 2015

If I get a new/different credit card….how will that affect my credit rating? I would want to cancel my AmEx gold in exchange for the AmEx blue but I don’t want to hurt my credit (which is excellent). I am assuming from this article that the blue card is better than the AmEx gold? Thank you for any insight you can give me.

JBFebruary 2, 2015

you don’t need credit cards for good credit. Cash in the bank will cover 99% of most emergencies.

Barry A. HazelFebruary 1, 2015

Thank goodness credit cards were available when my car blew apart, kids were born, water heaters took a dump, etc. Since I have never been able to catch up, my only alternative is to cap myself and call it a day. Been a fun ride!! later…

maxJanuary 31, 2015

The apr on my credit card from my credit union is 8%. Good luck finding a deal like that with these big bank cards.

nazaniJanuary 30, 2015

Points and cash back will not cause me to abdicate my ethics. I stopped using my Chase Sapphire card because of Chase’s ongoing involvement in unscrupulous lending and subsequent evictions of families. We taxpayers pick up the tab for all the services a homeless family requires.

No AmEx products for me, either. My AmEx card was cancelled when I divorced, in spite of the fact that my income as a single was higher than the combined income of my spouse and I.

Look at it this way: All those cash back cards are doing one thing – using your money to make them money. You are basically loaning the issuing bank/card issuer your money, be it 1%, 2%, whatever, that they will use to earn interest that they keep. If, for whatever reason, you do not pay off your balance every month, that is a bonus for them.

Sorry, but I will always go for a lower interest rate, no annual fee, no “rewards” card.

B. JonesJanuary 29, 2015

I pay everything with my BOA or Capitol One Cash Rewards cards. I get 1% on the BOA and an additional 1/2% because of an account at Merrill Lynch and I get 2% on everything at Capitol One. Just sent in yesterday for my Capiton One Rebate of $8007.00. The last one several months ago was over $12000.00. Over $20000.00 in 2014 and no interest paid. Not bad.

iQuackJanuary 28, 2015

I use cash back credit cards and recommend them.
It’s free money because there’s no annual fee for the BofA and Citibank cards I use. It’s crazy not to use cash back credit for everything so long as you pay off the balance before interest charges are applied.

CABJanuary 28, 2015

As a financial advisor I read most of these comments cringing. It’s amazing how the average person does not understand credit and how it’s necessary in today’s world. Cash and cash transactions are certainly not king. Percentage rebates while clearing balances monthly is very smart and can make you a lot of money doing purchases you would normally do. Having a fee credit cards with excellent payment history will help you when you go to purchase a home, car or business . Don’t be naive…the world isn’t out to get you if you’re a responsible adult.

JasonJanuary 28, 2015

I have excellent credit and I wouldn’t have any of these cards.

FrancieJanuary 28, 2015

I most certainly get something for nothing. I don’t carry a balance, I pay the cards off each month, and enjoy the rewards (cash back).

richeyrichJanuary 27, 2015

not true. I have the BoA Cash rewards card and my credit is not excellent.

PatJanuary 27, 2015

Best part (in small print, at end of article): “This site may be compensated through the credit card issuers’ Affiliate Program.”

FredJanuary 26, 2015

Chase, Citi, Bank of America? So the best cards are with the banks with the worst customer service? Not buying this advertisement.

Cards with points instead of percentages; fees; and introductory rates are no bargain. This ad insults your intelligence.

Hint: What’s in your wallet?

Lou CampoJanuary 26, 2015

Why is it when you use these card to earn extra money or lower interest rates you get a hit on you credit score??? That FICO score is just another way of screwing the public, it does not show how you pay your bills it is just a score to screw you on things you need a good score on.

Alan DJanuary 26, 2015

A note to “Ben” about “The point is, if you use the card for all routine purchases, you get the % back for money you would spend anyway. It has nothing to do with net worth or wealth accumulation. It,s just a case of something for nothing.”.

This of course is not true… the “nothing” is actually paid for by every merchant from whom you buy something. Our Bed & Breakfast alone paid $8,637.25 in Credit Card fees last year, and just like the cost of food, the cost of sheets, the repairs, the housekeeping costs it all has to be taken into account when we set our prices.

The net effect of all of these Rewards cards is that you end up paying more for the things that you buy. And the kicker is, you are paying more for all your CASH purchases as well, because the card rewards have to be paid for somehow. TANSTAAFL as Robert Heinlein said, There Ain’t No Such Thing As A Free Lunch…

MichaelJanuary 25, 2015

OK so I have 3 of the 7…what does that mean?

Nothing

JoeJanuary 25, 2015

So if I dont have one of those lucky 7 cards, does that mean my credit is not good. what a stupid article.

rcarsonJanuary 24, 2015

I didn’t get past the first card on the list and I was in another browser window opening an Amex Blue Cash Preferred card account. I do not carry credit card balances. Getting 6% back on all my family’s grocery purchases will be huge, as well as 3% on all our gasoline. I have a Chase Ink Visa card that pays me back 5% on all my phone, internet and cable / satellite TV bills. That card alone gives me back $15 a month, $180 a year, and also gave me back $219 for out-of-warranty repairs on my iPhone.

You can play the credit card game to win, if you don’t carry a balance. I’m not rich but my cards are paid down to zero every month.

BenJanuary 24, 2015

The point is, if you use the card for all routine purchases, you get the % back for money you would spend anyway. It has nothing to do with net worth or wealth accumulation. It,s just a case of something for nothing. If you are unable to manage your finances, you’ll probably mess up no matter what you do.
Obviously, you must pay the full balance every month or it doesn’t make sense.

meJanuary 23, 2015

One card, that’s it.

Permai LindalJanuary 23, 2015

Bank of America all the way.

Tony CuelloJanuary 22, 2015

Do not use credit cards use cash, do not pay interest. Do not be a slave to credit cards.

RichJanuary 21, 2015

Seriously? This article makes me laugh. Only one card at the top of the heap and everyone knows it: the AmEx Centurion Black Card. All others are poseurs.

What a joke.

Mista PJanuary 21, 2015

“good credit” will get you in financial trouble quickly!

ToddJanuary 21, 2015

@richard – the card you speak of, that I have, is 3% gas and 6% groceries, and has a 15 month 0% APR, as stated in the article. Not sure where you got your info. BTW, Purchases at Costco and other warehouse clubs are not included in the 6% offer.

ToddJanuary 21, 2015

@JO – I guessing your Masters had nothing to do with the English language. You can have education, wealth management and an excellent FICO. By using cash you are leaving considerable money on the table. In the form of cash back or mileage rewards. For instance, I pay my necessary bills every month like everybody else. If I pay my bills through one of our travel friendly cards our yearly trip to fill-in-the-blank is already paid for. Do you get a free trip using cash to pay your monthly bills? And this is apples to apples, because we do not carry a balance on our cards. If we do it is on a card at 0%, i.e. same as cash. What’s good for the goose does not appear to be good for the gander in your case. Maybe you should have studied Finance.

JOJanuary 21, 2015

I have nothing against a credit score or credit card, but I know way to many people who get caught up in their credit score rather than their net worth. I have a bunch of friends and family who would always come around me and talk about how great their credit score was, and when I asked if they knew their net worth plus how long they could survive in their current lifestyle if they lost their job, none of them knew. So I took the luxury in showing them what my wife and I had accomplished slowly, because at the time we lived in a cheap apartment they was reluctant to listen to us because were considered “broke to them.” So, one day I showed them I don’t have a great credit score cause I don’t use credit all that much my wife and I have 1 credit card we used 2x in 10 years for a rental car with a 2k limit. I also showed them because my wife and I are vets both our Masters degrees were paid for, we have no student loan debts. I also showed them we both are in careers and hold jobs that pay 100K plus, and had been saving for a house for 10 yrs and paid cash for a house worth 250k. Now, it is valued at 309K. I also showed them in our savings and investment portfolio we could survive 7 years and still live our life style if we lost our jobs, I’m sure that would give us plenty of time to find another job, unless we have a depression then we are all screwed lol. The point I’m making credit scores and credit cards are great, but make sure you know you are more focus on your wealth accumulation more than an electronic score. The minute a credit bureau file bankruptcy, well there went your credit score and a new company can come right a long and change the formula/algorithm that determines your credit score.

GRANDMA ROSEJanuary 21, 2015

no cards with fees for me. my score is 856 and all 11 cards i have each about 5000 grand are all ZERO balance thats the best NO BILLS!!!!

CharlieJanuary 21, 2015

@JO, you really think the credit bureaus are going to go bankrupt? You’re apparently not aware of their profit margins…

richard wilkeJanuary 21, 2015

I just visited the AmEx site this morning. The Blue cash card gives 3% not 6% on groceries, has no annual fee and is interest free for only 6 months , not 15. A rather different story than given here.

John FisherJanuary 21, 2015

who cares what your credit score is the important number is what is your credit balance. . In my life it is like the national debt. When you have a great credit score and a zero balance than you can say hah look at me.

Roger DuronioJanuary 20, 2015

Its a lot better to have money than to have credit. Honestly.

ipslerJanuary 20, 2015

Most 0% balance transfer offers come with about a 4% initiation fee, so beware.

reggieJanuary 20, 2015

I have a credit score of 798 and still can’t get a credit card..what’s up with that credit card people?

svenJanuary 19, 2015

@paulgifford how can a card with no annual fee be a ripoff?

Mr. JorgeJanuary 19, 2015

LOL Mike.

Mr. JorgeJanuary 19, 2015

The last time I used a credit card was like 8 years ago.

Before that I had around 10 and was living a lie with the things I had.

Just saw a documentary on Neflix about these guys that tried living on one dollar a day in Guatemala. Enjoy now pay later or pay and enjoy it now?

I am so wonderfulJanuary 18, 2015

I have a credit score of 375 and have transferred $42,000 worth of credit card debt to a MBNA Iammorespecialthanyou Card that pays me back 1% of every dollar in excess of $5,000 for each purchase and 17.99 APR. The key is to be a smart consumer.

paul giffordJanuary 17, 2015

Everyone of the cards listed in the article are ripoffs.

RichardJanuary 16, 2015

Rebecca, having a spare card is nice in case their is a security breach on your card and the bank cuts it off/cancels it and its a week or so to get the replacement card. I had a friend with one card and while on vacation for 2 weeks his card got cancelled.

ronJanuary 16, 2015

I have excellent credit (800+), but I will only use a CC that has no annual fee and pays me back for using it on things that are useful to me. Annual fee = no way for me.

PJJanuary 16, 2015

I have awesome credit (825) and I don’t have any of those cards.

JK64January 16, 2015

Why have more than 1 card? MAny reasons! The reason I have more than 1. I use Discover as my primary card. Some companies don not take Discover, so I use my Chase Visa on those occasions. Different cards may have different rewards for different quarters. So, you can use a specific card to maximize rewards.

GM BarnesJanuary 16, 2015

Simmons out of Arkansas is great; low interest rate.

TonyJanuary 14, 2015

Currently, I have 5 credit cards and I use them all every month. Most of them have 5% categories and I typically get 5% back on gas, restaurants, groceries and Internet purchases year round. I also get a minimum of 2% back in all purchases I make (citi double rewards card mentioned above). It doesn’t sound like much, but it adds up quickly and I always pay the balances off each month. My gf has student loans and she just got the chase slate card. We immediately transferred her 6.8% interest student loans to the card and it doesn’t have to be paid for 15 months. This is significant savings and she even has some tie. To pay down even more student loan debt before paying the card back. It’s all in planning and remember these savings are net….no taxes (if you’re in the 25% tax bracket $1,000 cash back in 1 year is equivalent to $1,250 gross earnings….I think people forget this sometimes and it’s also significant.) Don’t listen to people who tell you to use cash….cash is no longer king and it’s only hurting you. A lot of these cards are very beneficial if you pay your balance each month. If you have bad credit, work on making it better so you can take advantage of these great deals and further enhance your standard of living. I am a CPA, too, so I know what I’m talking about when it comes to finances :)

ej leeJanuary 14, 2015

bwahahahahahaha, pahleeese, I have many cards, and none from chase or BOA, oooops I guess I just never made it to that level of life……………………..bwahahahahahahahahaa

RebeccaJanuary 14, 2015

Can someone tell my why more than one card is needed? I have excellent credit, pay my balance every month, and have had one card for the last 15 years. It is BOA by the way and I’ve never had an issue.

LibiJanuary 13, 2015

Hello, Folks!
I asked Wellsfargo for a credit card for about five years. They always said no to me because I did not have a Credit History. To apply for a Government job, they told me I needed a credit card. I had been getting letters from Capital One offering it to me. I gave it a try and I was approved in five minutes. I have never had an account with this bank. Now that my credit is “excellent”, my main bank, since 2005, Wellsfargo, sends me pre-approved applications every week. But… No! I am very happy with Capital One since they gave me this card I use so well since 2011 ? I pay the whole amount every month. One credit card is more than enough for me.

LibiJanuary 13, 2015

Hello, Folks!
I asked Wellsfargo for a credit card for about five years. They always said no to me because I did not have a Credit History. To apply for a Government job, they told me I needed a credit card. I had been getting letters from Capital One offering it to me. I gave it a try and I was approved in five minutes. I have never had an account with this bank. Now that my credit is “excellent”, my main bank, since 2005, Wellsfargo, sends me pre-approved applications every week. But… No! I am very happy with Capital One since they gave me this card I use so well since 2011 ? I pay the whole amount every month. One credit card is more than enough for me.

Richard AltmanJanuary 11, 2015

On my Discover card fico says 767 and other card says 796 and when I actually called trans union about a year ago it was around 800 so what is excellent credit when all my cards together and I guy allot of high end electronics but I pay everything off in a month or two.Can someone tell me the best card with a low balance kept on a couple of cards and others I keep at 0 due.?

darbyJanuary 9, 2015

never go with Chase – horrible company and I hate them. American Express is fine. Citi people are stupid

AKJanuary 8, 2015

I had the pleasure of dealing with BOA goof ups, they messed up my credit for 3 years. I stopped doing business with them. I am not rich nor do I have money on hand to get prepaid cards. How ever I have managed to keep my credit in the 800 range.
People there is no secret to this. I have at least 10 cards. I pay my cards on time and at least the minimum if I don’t have funds to pay it off and when I do have money I pay them off. Don’t use your cards to buy things you cant afford.Do use them for things you can.
I rarely carry any more than $10. in my wallet. I use my cards to buy everything. that way I can keep up with my expenses, and I think twice before taking out that plastic.

MVH1January 8, 2015

I’d have no credit card if I ever had to have another BOA card. They are the most dreadful people to do business with. I had to deal with losing some credit score points but I dumped them anyway. Best thing ever.

leeJanuary 7, 2015

i’d rather do business with a DOG, than BOA. and why pay a FEE to own a piece of plastic that others will make money on anyway? that is total GREED. its a definitive no-brainer NOT to do business with people like this.

PeteJanuary 7, 2015

Horrible advise !
Keep one card, take installment credit and pay it off as required.
I had 837 FICO , but never had any credit. Applied for 140K mortgage and was denied ( 101K salary) due to ” lack of credit history”.

PeteJanuary 7, 2015

Horrible advise !
Keep one card, take installment credit and pay it off as required.
I had 837 FICO , but never had any credit. Applied for 140K mortgage and was denied ( 101K salary) due to ” lack of credit history”.

Don TurnbladeJanuary 7, 2015

Applied pre-paid card knowledge.
1) Make sure you have pre-paid cards with each of the wanted logo’s. While an American Express Blue Bird card is great, it does not work for vendors that do not accept American Express.
2) Consider physically locking up your core bank cards and put strong alerts on these, for unusual transactions.
3) Sort the vendors you do business with and keep track of which pre-paid bank card does business with which pre-paid card. This will help you identify the source of data breaches, hacks, unwanted data sales, and telemarketing schemes by the vendor responsible.
4) If you really want to extend the protective effect, get a few free email accounts and pre-paid cell phones. Then, by the address of the email, phone number called and pre-paid card used, you can totally identify the source vendor for any transaction, call, telemarketing gimmick, spam email. The data will be so good, you can even engage a lawyer and hunt the firm that abused your trust.

Don TurnbladeJanuary 7, 2015

Applied pre-paid card knowledge.
1) Make sure you have pre-paid cards with each of the wanted logo’s. While an American Express Blue Bird card is great, it does not work for vendors that do not accept American Express.
2) Consider physically locking up your core bank cards and put strong alerts on these, for unusual transactions.
3) Sort the vendors you do business with and keep track of which pre-paid bank card does business with which pre-paid card. This will help you identify the source of data breaches, hacks, unwanted data sales, and telemarketing schemes by the vendor responsible.
4) If you really want to extend the protective effect, get a few free email accounts and pre-paid cell phones. Then, by the address of the email, phone number called and pre-paid card used, you can totally identify the source vendor for any transaction, call, telemarketing gimmick, spam email. The data will be so good, you can even engage a lawyer and hunt the firm that abused your trust.

Don TurnbladeJanuary 7, 2015

People with excellent credit should be getting pre-paid bank cards. These should take the risk of internet transactions and identity theft while your core cards only transfer cash to your at risk pre-paid cards. Then, an attack on your excellent credit, bank cards, online accounts will have lower attack surfaces.

Consider a Target grade breach. Only the pre-paid care balance is at risk. The core bank card that transferred money into the pre-paid card would require a second data breach to harm you. If the prepaid card gets messed up; cut it up and get a new prepaid card.

Your core cards will have no mystery vendors and any transfer not initiated by you is bogus by definition. A vendor with unwanted renewal charges cannot get beyond the pre-paid card balance without telling you. (The card would bounce for a unapproved charge — that is fraud and you would win any legal contest every time.)

The same would happen if a bank made the fee. Heaven help the hacker in that case.

DawnJanuary 6, 2015

Beware of Chase Credit Cards. They added a $75.00 charge to my bill from some company they thought I would be interested in, without telling me. They were banking on the idea that I wouldn’t review the charges on my monthly billing statement. I called to get the charge removed. The associate transferred me to a supervisor who told me this was standard practice and to improve customer satisfaction. So apparently this wasn’t some minor mistake. After they removed the charged, I immediately cancelled my card. They are dirty, never again will I do business with them.

AimeeJanuary 6, 2015

pay off your credit card each month. It’ work for me

I.P. FreelyJanuary 6, 2015

Its obvious that all the credit card holders arent as uneducated as the banks would like to belive. Its a fact that people try to live beyond their means and thats what keeps the machine well oiled and the pockets of the top %1 filled. These same pockets fund political campanges, own tv & radio stations and we dont need to mention the internet and its directed marketing , abuses and privacy violations. Nothing is sacred, privacy in an illusion and security is just a word…until it is not.

TamiJanuary 5, 2015

This is a terrible article! No mention of fees or interest rates for any of these cards. I have the Citi Simplicity card, and it has the highest interest rate of any card I’ve ever carried. And you only get these sweet bonuses if you spend 3, 4, 5 thousand dollars in 3 months? Good way to take that fine credit rating and grind it into dust. I got my excellent credit rating by being smarter than this.

SledgehammerJanuary 5, 2015

NRA Visa card. I just transferred everything to it at 5.9 % for life and no balance transfer fee. Thanks NRA.

EarleJanuary 5, 2015

I have to agree with the comments about the banks being able to easily afford these deals. It’s just simple business mathematics. The banks wouldn’t offer any of these deals if they actually had to put money out of pocket. They are in the business of making money and these are just another shrewd tool to lure in more clients. The reality is that most credit card holders do not pay their balances off every month, and the banks are counting on this. Interest charges are quite lucrative and fill the banks’ coffers each and every month. Afterall, when was the last time you heard of a bank having zero profits in a quarter?
Having said that, if you can pay your balance every month, some of these cards offer excellent rewards so why wouldn’t you take advantage of them???

PatrickJanuary 4, 2015

I have a small business and accept plastic. I’ll gladly pay the 2% fee over taking checks as I’m assured of getting paid unlike a check which are easily forged. I don’t take American Express as they want to charge 3.5%. I also buy product via credit cards getting points for travel / hotel. I always pay off my cards so do not have to pay interest. For me it’s a wash, pay 2% for transactions but get points when buying product that I use for air fare and hotels. The one’s getting hosed are those who can’t afford to pay off their cards and pay high monthly interest. For others, credit cards let you borrow bank money at no interest for up to 45 days (depending on when the item was charged), and, can take free trips on occasion. Last month I was reimbursed a hotel bill and just yesterday I booked two airline tickets for $1300 which I’ll be reimbursed fully on using credit card points.

BradJanuary 3, 2015

Seems there is a lot of concern about who pays for these. IMO, I could care less who pays for them. I’m taking advantage of an opportunity that is available to me…and everyone else. Call me naive if you will, but I don’t see where this is a problem. A side thought, if I go out and get a degree that is more desirable and pays more than others, is it my fault that I accept the potentially greater pay that goes with it? I say smart money management will prevail, the rest will fall behind. This isn’t greed, this is plain smart.

GeenahJanuary 3, 2015

I am far from being rich and I have a top of the line credit score. I never purchase anything that I can’t pay back within two billing cycles. You just have to be responsible and know your limits. Don’t live outside your means. It’s that simple.

DonJanuary 2, 2015

I have been a Capitol One User for a long time. I have purchased plane tickets, hotels, and used their eraser system. Hands down no other credit card comes close. I had blackouts and restriction on other cards. Not Capitol One, they are my last credit card company…… Best around !

Adaious SavantiDecember 31, 2014

Tim and a lot of other authors here on this blog have no idea what they are talking about.

Walt KonieczkaDecember 30, 2014

I have horrible credit and am glad I don’t qualify for any of these BS cards. Good ole cash, baby!!!

MarkDecember 28, 2014

I don’t get what all the arguing is about. I had (still have them but don’t use them) a Bank of America Wold Points & a Citi Thank you Rewards. I’d talk to friends that were actually getting something from using the CC’s & thought, Why aren’t I? I realized its mainly because I don’t travel much so the World Points was pretty much a waste. I primarily used my Citi Thank You card & didn’t pay attention to the rewards. I ended up switching, which I’ll get to in a minute. When I looked at the Citi Rewards and how many points I had accrued, I realized I could get some pretty decent stuff, or wasn’t far away from having enough points to get something I wanted. I don’t think the points expire (at least I hope not soon), & when I have the time will see what I want on Citi Rewards and either get it, or start using the card again to get the points I need for what I want.
Here’s the good part, when I was sitting down with an employee at Bank of America, as a Preferred or Platinum client (I forget which, I think it depends on where you are and I moved between states & back again.) They suggested the BOA Signature Visa which has cash back (& then some!), which I applied for, when I first got it I was a little surprised that I didn’t get a Platinum (or something like that) card. I was told by BOA that the Signature Visa (Sig Visa) was actually a higher level card then a Platinum, at least at BOA. I like to have plenty of available credit but not an outrageous amount. I was a little surprised when the cards limit was only in the mid-4 digits (I don’t feel the need to go into detail, lets just say $3-7,000), I asked for an increase right when I got my card & they took me to 5 digits ($11-$15,000), which is what I wanted. I still don’t understand why they won’t just tell you how much your approved for & instead you have to ask for an amount & they say yes or no, I’ve found this with all CC’s. Anyway, as I said, I don’t like having huge cards & with the various cards I have, besides the Citi, & the still open 5 digit BOA World Points, so I have with BOA alone a decent amount of credit between the 2 cards I have with them. I usually only charge around $1,200-$1,800 per month, with the rare $2-4,000 in a month, so I feel comfortable with the available credit I have if I should need it. I’m actually surprised how low it is considering I rarely use cash & charge everything to the Sig Visa card, even my $1.75 cup of coffee.
My Sig Visa has no annual fee, & (I believe these numbers are correct), I get 3% on gas, 2% on Groceries, & 1% on everything else.
I pay off my entire previous months balance so I pay no interest.
Here’s a little trick I learned that may be helpful. To avoid, what I see people complaining about, hidden fees, or late fees, etc, as soon as my statement comes out I’d transfer the minimum due from my Checking, that way there was no chance of late fees, & the only possible hit I could take was if I forgot to pay off the entire balance before the due date. I realized, Why am I paying it now instead of right before its due, so being able to set up transfers in advance, when I get my statement, right away I setup a Transfer for $25 or $50 (the minimum is $25, but for some reason I like setting it up for $50). I then put in my phone’s calendar a reminder to pay the balance before the due date. But for those complaining about “Hidden Fees” I’m not sure what your referring to as if you do like I do & setup a transfer of the minimum for the day before or the day it’s due, there won’t be any “Hidden Fees, Late Fees, etc.” & the way I look at it, if I don’t have $25 or $50 in my Checking account, I have a lot bigger problems then paying my CC bill! I have yet to forget to pay off the balance before the due date due to the daily reminders I get from my phone the week before the balance to avoid interest is due. So I’m not paying any “Annual Fees” or any Interest on my card & I’m earning cash back on my purchases which is why I use it for everything. As I mentioned way back, the Sig Visa has even more. The even more is that if you transfer your earned cash back into your Checking or Savings, as opposed to using it to pay your CC, they match 50% of it! So when I transfer $50 in cash back to my Checking, I have $75 deposited into my account ($50+50%=$75). Talk about free money! Usually by paying my statement balance my card is left with a low amount of used credit, however, I like to keep it at under 10% of my credit (on this card) utilized, so if I charged a lot after the statement closed, I’ll send more then the entire statement balance to get the card back below around 10%.
I’m not sure this whole long post was necessary, as my point is simple, spend what you can afford! If you can do that, it really doesn’t matter how you spend it, whether in cash, a check, or a credit card. But, if your spending what you can afford, you might as well make the most of it. Of course the Banks want us “Deadbeats to pay Interest”, but as two things that have been mentioned numerous times come into play. 1. Us “Deadbeats” that can pay off our balances every month are usually spending more than the average person that can’t, & their getting fees from the Merchant. 2. is it the Bank paying the extra or the Merchant so they charge more? Yes, it is mostly, if not all the Merchant that is paying it so is charging more, but we might as well take advantage to minimise this cost. Is it fair? No! But who said life is fair? Yes the people with the lowest incomes &/or poor credit pay the most, & the middle class pay less then the poor, but still pay, & the Deadbeats pay the least, whether by getting cash back or through other means, it’s called Capitalism! Sure I could of sat around & did nothing and be making $10-$15/hr, & my wife could of too, but we worked, tried to be smart about it, and yes it is a different world from the person before that mentioned they’re making $16/hr & living week to week, which I fully respect anyone that works, when together my wife and I make around $80/hr in a 40 hr week. Am I loving my new Infiniti I got last week? Sure. Can I afford it? Yup. Sure I could just spend it in cash, but I’d get nothing in return. So I use my CC to not only earn cash back, but get another 50% added to my cash back! I’m not great with math, but if you include that 50% they match, in reality I must be earning a lot more than 1,2, & 3% cash back, maybe someone that knows math can figure it out for us.

p.s. To “Sherman” that said it took months to get their BOA cash back, I’m not sure where your going, but if you log-on to BOA’s website & go to your CC & click on Earned, you can enter an amount (with a 50% bonus for me if into Checking or Savings), and click Redeem. It usually takes 1-2 business days for that money to show up in my account.

Kevin MendenhallDecember 24, 2014

The author needs to do more research. There are much better deals than this out there. For example, my primary card has no annual fee, 1.5% cash back, and an interest rate of 7.9%. In addition, I get 5% back on gas (although that is not much anymore!)

Julian RodriguezDecember 16, 2014

Using credit cards its just like buying something on payments but instead of paying to the company you brought it yoyre paying it to the bank. If you cant affort the monthly payments just simply dont buy it you’ll end up losing by the end of the day.

LeilannyDecember 12, 2014

Well…if I pay by cash, I pay exactly the same amount of money as(in any grocery store or gas station) if I pay by credit card, with the disadvantage of that by paying cash it does not give me anything back, credit cards are giving me, cash back, rewards, miles etc. I been able to buy gifts for my kids and grand-kids with just the accumulated rewards in credit card, while I had no more money to spend, I am very responsible and I have an excellent credit 850+ because I used them wisely, I never spend more of what I could buy with cash, but I chose to use credit cards and use the cash to pay it back, to take advantage of the rewards or cash back that I would not get if I pay by cash in the stores, those stores or gas station charge the same amount of money for the same product to people who pay cash or to those who pay by credit cards then why not to chose to use the credit card if I am going to get some money back, some how..

JoshDecember 10, 2014

A major point of difference between the green American Express card and this Blue Cash Preferred card from AMX is the green card does not have a spending limit and the blue card does. That is why I decided to stay with my green card. I actually bought a car with my green card once. Paid it off when I financed it but that was a time I was glad I had no spending limit (other than AMX deciding they are OK with).

WayneDecember 9, 2014

What’s funny to me is that a few years ago when I still worked for a living, I was at a place waiting for things to take place so I could continue on with my job, I was sitting in a break-room reading a sort of financial magazine when I came across an article that was pretty much put out by the credit card complex saying that people like me were considered “deadbeats”. That peaked my interest so I read their justification for that theory. People like me pay off their credit card statements every month and pay NO interest. What a horrible thing to do!! Their contention was that “People like me just “use” the system and don’t pay for it”. Well, they do have a point there, but, I didn’t force them to issue me the cards. I know that they want me to just pay the minimums so they can make lots more money on interest charges, but I choose to use credit cards for MY convenience and advantages. I have excellent credit scores, I don’t demand they issue me a card, I know they don’t really want me to pay it in full every month, but at the same time, NONE of them have ever cancelled a card from me because of it. So, I guess I’ll just go on being a “deadbeat” in their eyes.

KSarahSarahDecember 7, 2014

I’m surprised no one has mentioned this issue so I will. I had to deal with fraud and someone thought they could charge a plane ticket to my card. I was able to go through and check to see how the rewards on my cash back card were tallied but after I confirmed the fraud the credit card company had taken away the ability to view the way the points/rewards/cash are tallied. This is the new norm on some other cards as well. I’m looking to dump one card and get another for travel only. Has anyone else seen this?

Does this not freak anyone else out? How can I know without a doubt that I’m not getting ripped off? Sure I can do the math but taking out the option to go over the transaction itself in more detail is making my skin crawl. I’m also one of the few who goes over the credit card agreements with a magnifying glass and opts out of their annoying marketing garbage. They love to sneak in little things and hope no one notices small changes to accounts that work only in their favor.

I also have student loans and have thought about transferring one loan to a credit card and paying 0% interest for 18 months and getting rid of that loan. Why don’t colleges allow students to pay their tuition through credit cards? Those greedy “educational institutions” don’t have the kind of leverage or profits they’ve grown addicted to. That’s why! They don’t want to lose money to all those transaction fees or argue about a student’s right to question the validity of a course in relation to their degree.

We need reform in the financial sector so bad no one wants to think about mentioning it – except me.

Doug HaneyDecember 7, 2014

I have a Bank of America card that says they give 3% cash back on gasoline purchases, but I almost always get only 1% back because of the fine print that excludes gas purchase at many merchants. These merchants are often the low price leader (on purpose, I strongly suspect). Please just release the lock against merchants discounting for cash, and I’ll pay cash if it is a fair discount!

johnDecember 6, 2014

Tim, Yes, the card companies/banks charge the merchants a fee for the transactions. This fee is rolled into the cost of doing retail business, which is included in prices. But guess what – every other form of payment has a cost also. When accepting cash payments, merchants can expect to spend upfront to establish a supply of change (cost of money, assets tied up.) There is the risk of theft at the register, from robbers, employees, and short change con men. There is a small counterfeit risk. Do you think those Brinks trucks and guards provide a free service? What does the safe cost, to buy and maintain? What does insurance and bonding of employees cost – is it more if you handle lots of cash? You betcha. And don’t get me started on the grief involved in accepting checks or private credit accounts. The convenience for customers is not the only reason merchants choose to accept credit and debit cards.

LeslieDecember 5, 2014

Citi Double Cash Card: “As long as you’re paying the minimum due each month you can take as long as you want to pay off your balance and get the additional 1% cash back (aka, 2% total effective cash back).”

Problems, if you pay only the minimum required every month, you A) will NEVER pay off this debt which increases the amount the bank makes on their relationship with you making the 1 or 2% they give back TO you a monumentally small fraction of what they are getting FROM you and B) you will not maintain your lofty credit score so that means that not necessarily everyone with that card has excellent credit if they abide by this ‘requirement’. Do the people who wrote this article even think before putting together such a pile of drivel? Not to mention that in addition to any interest, fees, etc that they are getting from you are only part of their benefit from you, any place you shop with their card is paying a percentage of your purchase to the bank. I wish that this type of article would not be published, as it’s basically a cheering section for the banks that are making money hand over fist at our expense, and can cripple cardholders in the end.

NolanDecember 5, 2014

I have the Chase preferred sapphire and have found that it works great with my chase freedom. As I can transfer my freedom points and take advantage of the 20% bump on travel. Also, no foreign transaction fees is nice.

JoelDecember 4, 2014

What about Capital one? For my card I pay a measly $39 per year and get 2% on every purchase by applying the credits to anything related to travel within the past 90 days. Also, no extra charge for purchases in foreign countries.

LuisDecember 1, 2014

Great discourse because reading the variety of opinions gave me better insight into the diversity of thinking—especially how we absorb the ideas of other citizens through our own filters. In my opinion, I think Tim is right. Many of you miss the point. By the way, I pay my monthly credit card bill down to zero monthly. Yes, that is the best way to get something back. However, the problem is not all about me and my realization that it’s best to maintain control over spending. Folks, we have a systemic problem that will eventually lead to another economic meltdown. A situation that will probably be worse than 2008 and 1933. This is like trying to explain to my mother that the new company she just signed up with is another pyramid scheme. America, whenever you have a market where there are whole sectors of the population not understanding a system they are participating in, we all lose. If you think it’s alright to have neighbors on the way to hell while you remain silent collecting “smart money”, think about having another time where whole neighborhoods become desolate wastelands. The credit card industry needs people who don’t care about others, people who can’t get beyond their own selfish thinking. We need regulations to control fraud or we will all drown when the next storm arrives. Understand that fraud happens through the actions of low life individuals as well as organizations that are allowed to run arbitrarily. Not factoring in the fraud of the credit card industry will be our greatest downfall.

BobNovember 30, 2014

None of these deals compares to the Santander Sphere Visa balance transfer deal at zero % for 24 months that I just snagged! Woooooohooooo!!

Al SmallingNovember 28, 2014

What this article doesn’t tell you is that people with “great credit” don’t need to spend $75-100 a year simply to have the card, even if the fee is “waived the first year.” I wonder if this is much more than a kind of snobbery to flatter those who need never pay interest rates anyway because they pay their bills in full — then sock it to them by imposing such high maintenance fees?

MickinMDNovember 27, 2014

I got the Blue Cash Preferred American Express card recently, set up automatic monthly payment of entire statement amoumt, charged $1000 in the first month, and got $150 reduced from my statement as noted here. That pays for 2 years $75 annual fees and – one of which was charged at the same time as the $150 bonus!
But because of the limitations on what’s considered a “supermarket” or a “department store,” I think I would have been better off with the Costco American Express Card. The 6% cash back doesn’t apply to Walmart (1% cash back), Target (1%), Costco (1% including gasoline), and other “warehouse stores” that aren’t considered supermarkets or department stores. You get get 3% cashback at only 16 specific name departments stores.
If you shop a lot at the relatively expensive supermarkets, where prices are often 10% or more higher than the warehouse or discount stores, the 6% cashback doesn’t help. I shop at supermarkets for things like milk in wax cartons (usually 1 month expiration dates), certain fresh veggies, fresh local kielbasa (REAL Polish sausage), etc.
So I am using the card and I used it on a $1000 expense when I first got it to insure I’d get the $150 bonus. But it’s mostly for gasoline (3% cashback), small grocery purchases, and occasional department store visits (Macy’s, etc.).
I have an Amazon Visa that gives me 3% cashback at Amazon.com, 2% on drugstores, restaurants, and gas stations, and 1% everywhere else that’s more handy.
I’m going to see how this card works out for several months and then probably switch to the Costco American Express Card.

AlNovember 26, 2014

So in protest against all things financial, you would boycott getting a deal on a credit card. You can feel smug in knowing that you have given a philisophical finger to the “man” . Meanwhile the world keeps turning and others keep saving money and bettering themselves. Good for you.

ShermanNovember 24, 2014

The Andrews Federal Credit Union currently offers the Globe Trek no fee, no foreign transaction fee Visa chip card with pin. I have used this card in Canada with no problem. There is even no cash advance fee and if you qualify, a 9 month 1.90% interest rate on outstanding balances such as from cash advances. There are restrictions such as a military association to qualify to join the Credit Union. However, non-military can join the American Consumer Council (ACC) to qualify which has a small fee of $5 or $15. I believe by the end of 2015, most cards will have the chip + PIN capability.

credit kingNovember 22, 2014

Sounds like a whiner with poor credit

joeNovember 19, 2014

I like the double cash. I’m a current holder. but you do need good credit.

Sam BNovember 15, 2014

So the first credit card recommended is American Express. My last statement from AMX listed Walmart as a “DISCOUNT STORE” and gave me 1% instead of the percentage it pays for Department Stores. I will be cancelling this card when my next statement arrives.

KeithNovember 14, 2014

You make it seem like credit card users are irresponsible.

When I have been in the field for 3 months, driven 16,000 miles, and accrued $14,000 in expenses, a credit card really is the only logical answer.

These reward cards are intended for people who use them. A LOT.

EG: Eating out, staying in hotels, flying, putting stupid miles on a vehicle.

Not so much the average American who works 9-5 and for whom 40 hour weeks are treacherous.

The banks WILL make money.

Big oil WILL make money.

Shouldn’t a business make money?

All I read about it “shame on _______ for their profits, someone is paying for that!”

Well go get ya some! Get off your ass and go make your fortune.

The only one stopping you is you!

Banks MoneypennyNovember 14, 2014

People who live debt free live different, better and happier lives than people who owe money.

Banks MoneypennyNovember 14, 2014

An excellent article written by someone who makes thou$and$ more than I do. Credit cards exist to live on interest. Please run up a large balance that carries over to next months/years. The card companies hope you stay swamped, but not declare bankruptcy. NO card company cares about you or your happiness.

Tom LippmanNovember 13, 2014

What a great set of thoughtful and intelligent comments. I would only like to add a couple of thoughts. First, the concept of “greed” is so riddled with emotion as to necessarily produce some distorted conclusions. I have always believed that everyone is greedy insofar as everyone wants a bit more than they already have. If a person is greedy and unsuccessful, we overlook his greed as is the case with the person standing on line for hours to collect welfare, but if he is successful, then we can see his “greed.” It is as if we automatically consider any successful person to be greedy while the unsuccessful are only needy. That just doesn’t make sense.

My second observation is that as the use of credit cards is voluntary to the consumer, so is the acceptance of credit cards voluntary to the merchant. So even though accepting credit cards adds to the merchant’s cost of doing business, necessitating his charging higher prices, it apparently adds enough gross sales volume to justify that increased cost of doing business. Those who use the credit cards, if they only buy what they could afford to buy for cash (this is the key criterion) benefit, by virtue of both the rewards programs and the convenience of easily establishing records and audit trails of their purchases. In other words, they save by using credit cards. The merchant may indeed have to charge higher prices to cover the costs of the credit cards, but consumers paying cash also must bear the burden unless the merchant offers a cash discount (prohibited by the merchant agreement, by the way). So those costs are passed on to all consumers, just as the Corporate Income Tax, Employer paid Payroll Taxes and the almost incalculable cost of regulations as well, get passed on to the consumer.

We, just like every other country, have a Capitalist/Socialist hybrid kind of economy, where the government steps into just about everything with their plan to make things somehow more fair, usually with less than satisfactory results (the so called “War on Poverty”). Once we understand that abilities vary from person to person, just like levels of determination vary, it becomes clear that you cannot have “equal opportunity” AND “equal outcomes.” If you want equal opportunity and you accept that there are unequal abilities, outcomes must be dramatically unequal. If you want more equal outcomes and you accept that abilities vary, you must give up “equal opportunity.” Read “Harrison Bergeron.”

DarisNovember 11, 2014

@ron: Tim can complain about capitalism all he wants, without moving to another country. That’s half the point of living in this country, we can complain all we want about whatever we want and maybe enough complaints will affect some kind of meaningful change. If you have a problem with people complaining, perhaps you should move elsewhere?

DarisNovember 11, 2014

Banks and oil companies provide services that people need. Businesses can pay a monthly fee for accepting credit cards, which is practical if they do enough business, and they’re not really losing anything or passing that cost along to the consumer because the convenience of accepting debit or credit brings them more business. If you don’t accept debit or credit in this day and age, you’re dumb, and i’ll just take my business elsewhere.

MicheleNovember 7, 2014

Credit card rewards programs are great “IF” and this is a big “IF”- you pay off your balance at the end of every month. I charge up all my bills on mine every month and then pay that one card off. Excellent way to earn rewards AND stay out of debt. This is not for the undisciplined….

Katya KimNovember 6, 2014

This report is another attempt to get you on the debt train. BE SMART about all aspects of credit. Your credit rating will improve if you limit the use of cards–RESEARCH the TRUTH behind the fico score. Use credit cards (and not debit cards) for large purchases; you are protected if the product or service becomes an issue later on. Then focus on gas and groceries for the card that pays the highest reward (keep in mind LIMITS of these purchases). PAY CASH for all incidentals! If you TRAVEL, ensure your card covers you or get travel insurance. The most important factor is knowing what are your NEEDS and absolutely use it RESPONSIBLY–it is easy to understand your debt to income ration, credit report, FICO scores (all three), credit balance versus total credit available, and most importantly checking the FINE PRINT on these offers. Cards described in this article are good, but not without a thorough UNDERSTANDING of credit and WHAT THE BANKS GET out of it all.

Cletus T. BaggerNovember 4, 2014

@ Think for Yourself September 21, 2014

The avatar name you chose for yourself is quite ironic, considering how you belch and fart out tiresome and divisive right wing Fox News talking points.

Corporations do not pay 35% + tax rates. Most people–including those at Fox News– don’t understand the difference between marginal and effective tax rates– let alone corporate
gimmicks such inversions and loopholes that allow them to pay FAR LESS (if anything) than 35%.

See, when you hear dead beat, freeloader corporations and 2 percenters squeal like banshees about taxes, they are talking about MARGINAL rates. Your comment is case in point. 35%…and you squealed.

The tax code is full of exemptions, deductions, credits, etc.–particularly for corporations and the very rich. Calling a yacht a “second home” and then getting break on the tax bill? Yes, that is just one of them. We have all heard of the subsidies paid to oil companies and corn farmers. That is through the tax code.

The effective rate, that is the rate actually paid, for corporations is often 0%. The faux rich Romney 47% people that oink about paying too much–yelling that they are in the 25% bracket–typically pay about 8.4% after credits, deductions, and exemptions. Those are the things reduce your taxable income. Many people, pay less than that, if at all. I imagine that you are in this group.

So, please educate yourself before you spout off about things you can’t understand.

Lastly, I would like to point out a fact about your “enjoy your free phone”. The FCC the crated the Lifeline benefit program for income-eligible consumers in 1984. 1984. Wait? Who was president? Oh yes, St. Reagan.

The Lifeline program originated in 1984, during the administration of Ronald Reagan; it was expanded in 1996, during the administration of Bill Clinton; and its first cellular provider service (SafeLink Wireless) was launched by TracFone in 2008, during the administration of George W. Bush. All of these milestones were passed prior to the advent of the Obama.

So, when you reference these free cell phones, you are actually referring to a Bush phone.

Wait! Is that Obama blaming Bush??

The most glaring part of your ignorance and your world view education obtained through chain emails is that the Lifeline program is not directly subsidized by taxpayer money (not that you pay taxes anyway).

It is paid for out of the federal Universal Service Fund (USF) through a fee assessed against telecommunications service providers, who may or may not pass those costs along to their customers.

Cletus T. BaggerNovember 4, 2014

@ Think for Yourself September 21, 2014

The avatar name you chose for yourself is quite ironic, considering how you belch and fart out tiresome and divisive right wing Fox News talking points.

Corporations do not pay 35% + tax rates. Most people–including those at Fox News– don’t understand the difference between marginal and effective tax rates– let alone corporate
gimmicks such inversions and loopholes that allow them to pay FAR LESS (if anything) than 35%.

See, when you hear dead beat, freeloader corporations and 2 percenters squeal like banshees about taxes, they are talking about MARGINAL rates. Your comment is case in point. 35%…and you squealed.

The tax code is full of exemptions, deductions, credits, etc.–particularly for corporations and the very rich. Calling a yacht a “second home” and then getting break on the tax bill? Yes, that is just one of them. We have all heard of the subsidies paid to oil companies and corn farmers. That is through the tax code.

The effective rate, that is the rate actually paid, for corporations is often 0%. The faux rich Romney 47% people that oink about paying too much–yelling that they are in the 25% bracket–typically pay about 8.4% after credits, deductions, and exemptions. Those are the things reduce your taxable income. Many people, pay less than that, if at all. I imagine that you are in this group.

So, please educate yourself before you spout off about things you can’t understand.

Lastly, I would like to point out a fact about your “enjoy your free phone”. The FCC the crated the Lifeline benefit program for income-eligible consumers in 1984. 1984. Wait? Who was president? Oh yes, St. Reagan.

The Lifeline program originated in 1984, during the administration of Ronald Reagan; it was expanded in 1996, during the administration of Bill Clinton; and its first cellular provider service (SafeLink Wireless) was launched by TracFone in 2008, during the administration of George W. Bush. All of these milestones were passed prior to the advent of the Obama.

So, when you reference these free cell phones, you are actually referring to a Bush phone.

Wait! Is that Obama blaming Bush??

The most glaring part of your ignorance and your world view education obtained through chain emails is that the Lifeline program is not directly subsidized by taxpayer money (not that you pay taxes anyway).

It is paid for out of the federal Universal Service Fund (USF) through a fee assessed against telecommunications service providers, who may or may not pass those costs along to their customers.

JimBobNovember 4, 2014

PS.

I forgots to tell you that I pretend I am rich millionair Captain of Industry whenever I am on the internets. That way, what I done say sounds more credibul to all them demorats with no jobs.

Take personal responsibility!!!

JimBobNovember 4, 2014

PS.

I forgots to tell you that I pretend I am rich millionair Captain of Industry whenever I am on the internets. That way, what I done say sounds more credibul to all them demorats with no jobs.

Take personal responsibility!!!

JimBobNovember 4, 2014

Dagnabbit! Liberal bashing of the job cretaters done makes me sick. This here agument bout bad banks and evil credit cards is dern foolish! These here entitties is the job creator! Bank can do what they want coz they job creator. They should be able to do whats they want, whens they want, to who they want. They should be able to make the laws bout fiskal policy and such, not no libral democrat and the Obama agenda. Someday, if I keep playing the lottery the way I do, I gonna win and be rich. Then I gonna be glad I supported republicans.

Right now, I know how to budgit and such. Now I cant work on account of my diabeetus and back, but every month my disability gets deposited and then I dont spend what I dont have. No money== no lottery tickets that week. I make sure my EBT last me the month. I make sure I leve enough in the bank for my $1 Meddycaid copays. I just sick and tired of the lazy demorats moochin’ on the system and takin big goverment bennifits.

WHY KINT OBAMA AND DEMORATS DONE BUDGET LIKE I DO!!

I mean running the country aint no differnt than how I manage my personal finances. I even got me a “military” part of my budget when I holds aside a little each month to buy ammo in case the revolution comes. I dont keep no bank account, which mean I dont have no book to balance. I just bury my money in Mason jars out back. Sometimes I have enough to buy some of them there gold coins Glenn Beck talks about. But, the financial coolapse was coused by too much regulation on banks and other job cretaters.

Its there fault the financial meltdown happen. If they didnt git us into Iraq and Afghannystan, then Bush woodn’t had to give us our first trillion dollar deffycit or raise the national debt by 75%.

I jest so sick of these here demorats ruin this here country. That why us here republicans have to make sure minorities can’t vote. They take all the big goverment bennyfits.

Damn librals need to get jobs, get off big goverment’s teet, and pay there own way!!

Mitt Romeny 2016. Third time got to be the charm!!

Steve KaufmanNovember 3, 2014

I don’t mind Banks or Credit Card companies making money. I have stocks in both so I make money when they make money!

David SmalleyNovember 2, 2014

I take advantage of asking for 3 to 4 % off at retailers for paying cash. Cuts out the middle man and I don’t have to earn back what I am already paying for.

BrianOctober 30, 2014

Damn. It’s just a stupid credit card. We all need to get outside, walk in the woods, paddle a river, surf an ocean wave, smell the flowers…more.

felipeOctober 30, 2014

To: Sam November 17, 2013

I think the part you’re missing is that credit card usage and acceptance is voluntary.
++That is legally true; however how much of a “choice” does an unemployed single mom with 5 children have when she needs to buy food if there’s no cash in the bank? Not everybody is born into economic privilege

Good for Winco foods that they’ve chosen not to accept credit cards…that is their absolute right. It is also my right to patronize businesses that accept my cards. I am more than willing to pay a slightly higher price for the convenience of using my card. I carry almost no cash and use my credit card for everything. In addition to convenience, I have flown all over the world with miles which is a real perk. I also harbor no ill will towards the banks for making money…there is nothing wrong with making a profit, even huge profits, as long as the activities are legal and ethical.

The isssue is not as you suggest. There *is* something terribly wrong when massive profits by banks exist side-by-side with the massive poverty of some of their customers. Whether something is legal not has no bearing on whether it’s right or not.

Lastly, I’ll point out to you that the higher prices we pay to cover hidden credit card fees absolutely pales in comparison to the price we pay for onerous regulations and taxation by the government.

How so? Federal income tax rates are the lowest they’ve been since the later 1940s. We are not over-taxed; we’re grossly under-taxed because we are irrresponsible enough to believe that bills can be paid indefinitely by borrowing from others with no plan as to how we might ever be able to pay them back.

Credit card transaction fees range from 2 to 4% while the federal corporate income tax is a world leading 35%!
***Again, this is factually true but disenguous because no large US corporation pays 35% – many pay little or no taxes at all because our tax laws have been written by legislators who have prostituted themselves into serving corporations over citizens. There are so many loopholes and deductions in our tax code that the nominal 35% is meaningless.

Tack on state and local taxes and we’re up to 50% in some areas before we’ve started talking about regulation expenses.
So? War is expensive. If you dont’ want to pay such taxes, you’re saying that you dont’ want to pay your bills. This is irresponsible.

And unlike credit cards, the governments piece of the action is anything but voluntary.
++Thank goodness it isn’t voluntary or we’d have people like you not paying their bills and the country would be in even worse shape than it is now.

felipeOctober 30, 2014

To: Sam November 17, 2013

I think the part you’re missing is that credit card usage and acceptance is voluntary.
++That is legally true; however how much of a “choice” does an unemployed single mom with 5 children have when she needs to buy food if there’s no cash in the bank? Not everybody is born into economic privilege

Good for Winco foods that they’ve chosen not to accept credit cards…that is their absolute right. It is also my right to patronize businesses that accept my cards. I am more than willing to pay a slightly higher price for the convenience of using my card. I carry almost no cash and use my credit card for everything. In addition to convenience, I have flown all over the world with miles which is a real perk. I also harbor no ill will towards the banks for making money…there is nothing wrong with making a profit, even huge profits, as long as the activities are legal and ethical.

The isssue is not as you suggest. There *is* something terribly wrong when massive profits by banks exist side-by-side with the massive poverty of some of their customers. Whether something is legal not has no bearing on whether it’s right or not.

Lastly, I’ll point out to you that the higher prices we pay to cover hidden credit card fees absolutely pales in comparison to the price we pay for onerous regulations and taxation by the government.

How so? Federal income tax rates are the lowest they’ve been since the later 1940s. We are not over-taxed; we’re grossly under-taxed because we are irrresponsible enough to believe that bills can be paid indefinitely by borrowing from others with no plan as to how we might ever be able to pay them back.

Credit card transaction fees range from 2 to 4% while the federal corporate income tax is a world leading 35%!
***Again, this is factually true but disenguous because no large US corporation pays 35% – many pay little or no taxes at all because our tax laws have been written by legislators who have prostituted themselves into serving corporations over citizens. There are so many loopholes and deductions in our tax code that the nominal 35% is meaningless.

Tack on state and local taxes and we’re up to 50% in some areas before we’ve started talking about regulation expenses.
So? War is expensive. If you dont’ want to pay such taxes, you’re saying that you dont’ want to pay your bills. This is irresponsible.

And unlike credit cards, the governments piece of the action is anything but voluntary.
++Thank goodness it isn’t voluntary or we’d have people like you not paying their bills and the country would be in even worse shape than it is now.

Marilyn GraingerOctober 28, 2014

yes, pay your credit card balance monthly. . until you lose a job, get seriously ill or seriously injured in an auto accident. . .and then you can ‘t pay. I had superb credit until my early 50’s. Now I have no credit cards, lousy credit, and my credit score prevents me from getting a home or work. Life happens to even the most responsible.

Ultimately businesses pick up the tab for the fees. Not the consumers. It is the cost they pay to offer being able to accept credit/debit. They don’t have to accept it, but don’t expect me to buy from them.
Now businesses can pass the fees on to the customer, but by law they must state this to the customer before hand and guess what? No business does cause they would be out of business in a heart beat.
My only disagreement with this article is why pay an annual fee when there are so many great options that are free.

HarryOctober 25, 2014

@Pat
“Pat October 3, 2014
Who is WinCo Foods??? Never mind, I know why I’ve never heard of them. Yep, they have stores in Texas – exactly three of them! And soon to be two because they don’t accept credit cards!”

Pat, are you being silly? WINCO stands for: Washington, Idaho, Nevada, California, and Oregon…the states where WINCO originated and does a booming business. I’m only guessing, but if there WERE a store in Texas, it would do quite well. And I’m sure if there were three stores, once peeps found out about them, they’d expand to several more in the high-density areas.

Just like COSTCO and WalMart, WINCO has its niche in the grocery business. If you don’t like cash or debit cards, that is fine with me. Don’t shop there. It is already crowded enough at our two local stores and I’d just as soon NOT have any whiners clogging up the check-out lines!

HarryOctober 25, 2014

@Pat
“Pat October 3, 2014
Who is WinCo Foods??? Never mind, I know why I’ve never heard of them. Yep, they have stores in Texas – exactly three of them! And soon to be two because they don’t accept credit cards!”

Pat, are you being silly? WINCO stands for: Washington, Idaho, Nevada, California, and Oregon…the states where WINCO originated and does a booming business. I’m only guessing, but if there WERE a store in Texas, it would do quite well. And I’m sure if there were three stores, once peeps found out about them, they’d expand to several more in the high-density areas.

Just like COSTCO and WalMart, WINCO has its niche in the grocery business. If you don’t like cash or debit cards, that is fine with me. Don’t shop there. It is already crowded enough at our two local stores and I’d just as soon NOT have any whiners clogging up the check-out lines!

HarryOctober 25, 2014

Tim mentioned WINCO at the beginning of this thread and Sam said he wouldn’t shop there if they didn’t accept his credit cards.

What was MISSING, and no one else picked up on it, was that WINCO does not accept credit cards BECAUSE the banks make the profit and the shoppers PAY the difference in food prices.

Obviously, Sam can afford to pay more, and that is his right. (A wise lady once pointed out to us: “why pay less when you can pay more?” while referring to people who buy only ‘name brand’ merchandise.)

ATTENTION! Not everyone wants to pay more! That is the reason you’ll find LOTS of people shopping at WINCO (they are open 24 hours) because they WANT to save those few precious ‘extra’ grocery dollars each month.

You don’t have to be poor to shop there, although poor people do shop there. If you have a frugal mindset and want to stretch your dollars, you’ll quickly learn that WINCO is a great place to shop–even though you must bag your own groceries!

SteveOctober 24, 2014

I pay our cards off monthly and get plenty of kickback so I can’t complain. Several people here did not understand what it meant to say the bank is making 500-700% profit. They are likely making far more than that. Profit is calculated against their expenses not the bill you paid (which would be ludicrous). What is the banks expense? 1) cost of processing the transaction (probably a micro-penny since these costs are amortized over many millions of transactions), 2) the outlay of the funds for a period of time at BANK interest rates before you pay them back. 3) the risk that you will not pay them. In return they get: 1) a few percent from the seller, 2) Interest from the buyer at CONSUMER interest rates if they delay paying. 3) fees for a couple of things like late payments and balance transfers (which should be illegal as far as I’m concerned. They should just charge interest from day 1 on balance transfers.).

So, let’s say you charge $100 and pay it off on time. The bank gets $3 from the seller. Let’s say they outlay the money to the seller 30 days in advance of your paying (the gap is probably MUCH shorter). Their own interest rates are bank rates. Say 1% APR. So 30 days at 1% APR for $93. Comes to 8 cents. Yes that transaction cost them about 8 cents and they got $3 but they do take on the risk that you won’t pay. While I like the convenience, it seems like quite a profitable business for the banks and sellers do pass these costs on to consumers. This is an area I wish the government would step in. That 3% transaction fee is arguably a 30 day interest rate and seems like it should be illegal.

Eric CaseOctober 23, 2014

There is no such thing as PERFECT credit card for everybody.
To me, credit card is not for everybody.
I threat my credit card as a privilege that comes with responsibility similar to how I threat my driver’s license. At 25, forty-fice years ago, I did not used my credit cards prudently, thus, paid interest payment through the nose. Luckily, I wised-up within two years and have never paid a single penny for interest since 1970.

Now retired, I only have to worry about paying my real estate property taxes and Uncle Sam by April 15 every year. While I am financially secured for life by building my retirement wealth plus retirement pension and Social Security, I still do NOT buy what I cannot afford. For the most part, we buy what we need.

Because my wife enjoys travel both domestic and abroad, we find it unsafe and impractical to carry huge cash. Before a trip, we notify our credit card provider our destination and itinerary. We each have the credit card company phone number in case of theft and other emergencies. While I see lots of negative post against Chase, our experience is nothing but positive.

We have Sapphire Card since 2006. The $95 annual fee more than pays for itself in perks, SECURITY and PEACE OF MIND. In Greece, one merchant submitted a charge of $3,000 three days after we left Greece. In Venice, a merchant doctored the statement from $860 some to $1,860. In January this year, a Merchant in Machu Picchu, Peru charged my credit card $1,600 the day I was in Lima. In all instances, I took about 20 seconds to connect live with Chase representative who identified his or her FULLNAME. Another 10 to 15 minutes for me to supply details. Within 3-days, we receive phone call from Chase of the reversal of charges followed by letter of confirmation within 10 business days.

I have used AmEx primarily since 1976, now, I only use my AmEx at Costco, which is required for membership. Why? Because I was frustrated by the endless automated phone menu that take at least 5 minutes to get to a live person. Moreover, the AmEx representative asked endless question to verify my identity BUT refuse to give their full name citing company policy to protect their safety. That means that if the call was disconnected, I have to go through the gaunlet again.

No doubt there maybe other bank cards that maybe better than Chase Sapphire. For me, it is the best for my needs.

Ralph DeedsOctober 22, 2014

You missed the best one USAA. After three bad experiences with JPMorganChase I’ve learned my lesson and will never deal with a NY Bankster again!

GaryOctober 22, 2014

In November last year Sam wrote a long reply to Tim, including “I have flown all over the world with miles which is a real perk”.

I’m surprised no one has pointed out that, like merchant fees, the cost of his tickets doesn’t come out of thin air either. Good on him that he gets these “perks”, but they come at the cost of higher costs passed on to ALL of the customers of the merchants he frequents – those who have cards, and for whatever reason can’t travel, and those who would never qualify for a credit card. From all of those people, we say to Sam: “You’re welcome!”

AndrePOctober 21, 2014

I don’t have any of these cards and I have never applied for them and quite possibly I have trashed the “approved to apply” mailers I get therefore I do not have excellent credit? I’m okay with that. I have only 2 CC and they are through my credit uni0n. notice: Before you post, please prove you are a human being. my question: What is 2 multiplied by 4? 8 I say 8, I’m damn lucky they didn’t go over 10 as I can’t count past my fingers. :)

PieOctober 19, 2014

People with excellent credit really have no use for credit cards to build MORE credit. These are people that have money, and don’t have a have to finance to get what they need. Key word ‘NEED’. I have mediocre credit myself, and honestly have no interest in credit cards…it only means more debt. I own my car, which is safe and practical. ..and I own my own home and small piece of land, and that along with paying my bills us all I NEED. Our society has beaten into our brains that we NEED more, capitalism at its best. Those of us that have less than excellent credit should keep in mind the difference between need & want, we can’t afford to go finance that new Acura just to have it taken away the moment comes when we may lose our job in this unstable economy, furthermore killing our credit score. No wonder other countries and cultures think so lowly of Americans. We are the most superficial, materialistic bunch of idiots the world has ever known. I just thank God for running water, electricity and a safe, running vehicle. The health and happiness of my family is #1, and our happiness is not based on the newest gadget on the market. So f*** credit, the economy, and ‘keeping up with the Jones”. We’re just fine with what we have…
I didn’t take the time to read the comments…too many of them, so if this is redundant I apologize …

Frank R. EggersOctober 17, 2014

Because every time one uses a credit card, the risk of ID theft increases. Also, unless one monitors the bills exceedingly carefully, there is a risk of bogus charges appearing on a bill. For that reason, many of us prefer to pay cash. Unfortunately, when we pay cash, we are subsidizing those who use credit cards.

It is not fair!! Those of us who prefer to pay cash should not be forced to subsidize those who use credit cards.

Donny_JOctober 16, 2014

Do the math. To earn $400 in travel credits, you must spend $20,000 first. 10% interest on 20k is $2,000, assuming you don’t immediately pay off your card. Even reward cards with “good deals” are terrible deals. Don’t even get me started on leasing vehicles or rent to own homes. This country is obsessed with education – just not intelligence.

MWOctober 16, 2014

good credit only means you know how to play kissyface with the bank. Working to eliminate my credit score…save up and pay cash

Bill(Sonny)October 15, 2014

The US Government is the primary cause of inflection with their wealth transfers and no one seems to be concerned. We continue to elect these scabs back into office to continue increasing our debt, so what’s your point? At lease we have a choice with credit cards. I haven’t paid any interest on my credit cards in 8 years because of my credit history and I string some out as long as 18 months with no interest. FICO, FICO, you have to know how to use them!!!

Stupid is ignoring an overall average of 3% cash back on all your consumables.

If you manage you money well. get the walla.by app to tell what card to use, a family of four could recover $2000+ a year.

ronOctober 15, 2014

Tim..if you are going to complain about capitalism then move to a country without it. In the meantime stop complaining.

js barbutoOctober 13, 2014

A follow-up to my last comment. I talked with Amex customer service. They sent me to a non-existent website to find the list of grocery stores that qualify as supermarkets. As of now, I will not apply until I get the information I need.
Do you have any suggestions? The CS person at Amex was unwilling to transfer me to another agent or supervisor. They kept trying to sell me a card without answering my questions. It was an unpleasant experience to say the least.

TestOctober 12, 2014

Hey!

Mark HinnauOctober 10, 2014

One other benefit of the Chase Sapphire Preferred card is that there is no foreign transaction fee charged. Some cards charge as much as 3% for foreign transactions. The Bank of America card mentioned above seems to offer the next lowest foreign transaction fee at just 1%. (I have both of these cards.)

TallDaveOctober 8, 2014

“the banking industry is not on our side.”

Why would they be? Are you on their side? No, you’re on your own side. You want them to provide services for free, they want to make money. You’re no less “greedy” than they are.

Do you work for free? Guess what, no one else wants to either.

If you don’t want to use credit cards, then don’t. I haven’t paid fees in 20 years.

ronOctober 6, 2014

Tim ..tell me something I don’t know. Pay your cc bill on time and you don’t pay any interest. The people who don’t pay their bill on time is who pays for these little bonuses. So use your cc the right way and pay on time and forget about the interest and at the same time get little extra’s. Is that plain enough?

Tony DOctober 4, 2014

credit cards are the greatest thing ever as long as the annual fee is none, cause they give you free money every month for 30 days and they extend any product you buy for 1 ty warranty , they also pay the car rental extra ins, that they try to force you to buy and much more…. The whole key is just pay it off every month and if you cant do that then they are not for you…..

Paul RockOctober 4, 2014

no matter the offer, I got out of debt after I said no more credit cards….

PatOctober 3, 2014

Who is WinCo Foods??? Never mind, I know why I’ve never heard of them. Yep, they have stores in Texas – exactly three of them! And soon to be two because they don’t accept credit cards!

Mandy CatOctober 3, 2014

Back when credit was flowing fast and furious, we used to get calls from people wanting to know what interest rate we were paying on our credit cards, since they were confident they could improve upon it. Our reply: “Minus 2%. Can you beat that?” We get 2% back on our three credit cards and pay off the balances every single month. American Express is our preferred card because they have always, always gone to bat for us when there was a question or complaint about a purchase.

The first time a card provider tries to penalize us for being what is called a “convenience user” (someone who never pays interest) we’ll drop them like rock. In the meantime, the money that would have come out of our checking account if we paid cash is earning 3% at our bank, not so shabby these days.

Johnny L.October 2, 2014

Lots better cards at small banks and credit unions. This is a shill for the big banks. Stay away!

MarkOctober 2, 2014

All I care about is a low-fixed interest rate. I currently have a 6.99 fixed rate VISA card through my credit union. I will never have a variable rate card, and 99.9% of card offerings are variable rate cards. I could care less about points, cash back gimmicks.

JohnOctober 1, 2014

I’ve made about $1000 off of my credit cards in the last year – $500 in signing bonus from Chase on the Sapphire Preferred and the cash back on the Chase Preferred and Freedom Cards. I pay them off each month. I’ve paid no fees because when the $100 fee came up on the Sapphire, I closed it. You have to use these cards to buy the things you normally buy and watch your spending. If you carry a balance, you start whittling away at your cash back and that’s what they want. But, if you pay it off each month, it’s free money. Credit cards aren’t evil. Being stupid with your credit is evil. Be smart.

RyanOctober 1, 2014

I have a BankAmerica Rewards Card. As a recent grad with no loans, I wanted a card to help build credit. So as mentioned afore, proper usage and making full payments on time is rewarding. Furthermore, most apartments and houses will require some type of credit. No need for one of those super heavy Chase cards

Charlie S.September 29, 2014

Those are good offers, depending on the interest at the end of the offer. I have 3 cards, Visa, Amex, & Mastercard and that is plenty. One thing to keep in mind, should you have a card that you have using for sometime and decide to go to another card, DO NOT cancel the card you are chnging from. You have maintained excellent credit and you have a good time frame on that card. If you cancel it, you lose it and you have nothing on the new card. This will hurt your credit to some extent. Best to keep the card snd just not use it.

stumpySeptember 29, 2014

I can ignore all credit cards because I dont use them. Havent used them for over 9 years.

CurtisSeptember 26, 2014

Retailers acceptance of credit cards is a component of their CUSTOMER SERVICE. Any customer service is a component of Cost of goods/services sold. Stores accept this additional cost, because consumers want that convenience, and retailers would rather sell at 3% less gross margin than lose a customer. It’s a simple business decision on a retailer’s part, not blackmail by the CC companies. Any computer maker (Dell, HP, Samsung) will tell you that they would rather charge consumers hundreds extra for more RAM, bigger disk drives, and more features, but they would lose customers in a heartbeat to competitors, so they accept razor-thin margins and opt for volume instead. Ditto grocery stores, home goods retailers, consumer electronics makers, automakers, and virtually every other industry. Consumers, likewise, pay for the convenience of carrying a CC loan balance (yes, it’s a loan) each month in the form of interest. Just as they have been doing with private and banking loans for thousands of years. Retailers who don’t accept cards are providing LESS customer service, and enjoy higher margins (are they greedy, too?). While CC companies make fees on each transaction, they often lose money (literally) on customers who pay balances in full, because they eat the float on the cash they advance to retailers, hoping that they will make it back if the cardholder decides to carry a balance for a few months. Are CC execs greedy and profit-minded? Sure. So are the consumers who enjoy the convenience of no-fee credit. Good for them both. Are there bad apples in both camps- execs who defraud their company, customers, and regulators? Yes. Are there consumers who run up charges on cards they know they will never repay? Yes. But the credit card business is neither criminal nor conspiracy; it’s simply a brilliant business model that allows CC companies to make money from both sides of a transaction. Wish I had thought of it first!

Wordpress pluginsSeptember 24, 2014

Wonderful, what a blog it is! This blog presents valuable
facts to us, keep it up.

matt conlinSeptember 22, 2014

There is one gas station in my area that has a cash price for gas but their cash price is the same as the cheapest gas station gegular price so they make it look like they are saving you money if you go to them. I would use cash more often if places did have a cash price. say i went out to dinner with my wife bill was 100 dollars with a credit card or cash price was 95 i probably would use cash more often

Marc RettusSeptember 21, 2014

So, how much business does Winco lose by not accepting credit cards?

Also, the first time a business charges me extra to use a credit card will also be the last time, as I simply will never buy from them again.

The fact that people will often spend more when using a credit card certainly makes up for the processing fee. This is just common sense.

Also, I think debit cards are much more risky to use than credit cards.

Think for YourselfSeptember 21, 2014

“Credit card transaction fees range from 2 to 4% while the federal corporate income tax is a world leading 35%!”
Incorrect! it is 40% + the state. But hey lets be ignorant and blame the corporations that actually produce instead of the BLOOD sucking Government monster the illiterate US population enabled. Welcome your kids to the third world but please thank for dear leader for it. Enjoy the free phone!

ANDREASeptember 20, 2014

well, it’s true we all need to be more aware of the scam… but as commenters have pointed out, we ARE paying for the fees associated with the credit card usage…. fees are usually imbedded in the cost of doing business/prices for customers… and then there are the exorbitant fees each of us pay directly to the banks in terms of interest, late fees, over limit fees. Businesses benefit from increased sales when we use our cards because it’s been proven that people purchase more and more often when using their cards… which in turn stimulates the economy financially, which in turn creates more money available for loans, etc. I do agree there is a level of greed on the Banks part throughout history in all modern nations & especially rampant in the United States given the lack of legislation forcing a lower level of greed. I think Banks will always find a way to get their profits because they hold the most money, which equals power. Money & property ownership = power. I hope our nation can become more aware & come around to having large business pay more of the fees & taxes instead of small business owners & individuals… as of now, they don’t pay their share in terms of the percentage of wealth they hold and use for power. I guess only time will tell the story.

Annual fees?September 19, 2014

If you have good credit, it usually means that you’re in control of your spending and responsible with your money. Why would anyone like that (if they chose to use a credit card in the first place) choose a credit card with an annual fee? I don’t know if they are still offering it to new customers, but our Discover card version (as Discover has several) offers 5% cash back on both gas and grocery store, and 1% on everything else. We pay the balance off every month, and there is NO annual fee. We’ve been doing this for almost fifteen years. An annual fee may seem like a small amount, but as all “financially aware” people know, it’s those small monetary amounts, both spent and saved, that add up. -Lann

John TitorSeptember 18, 2014

THIS IS THE GREATEST OF ALL TIME DECEPTION. NOT APPLY THESE CREDIT CARDS. Loans SOON BE BIGGEST COLLAPSE OF HISTORY 2017-2022

TroySeptember 17, 2014

I could care less about all these services that are being offered-they cost the bank money, you can bet they will reap that from the person who uses their cards.

So really, you can pay higher rates for these “services” but in the end-are they really worth it?

VladSeptember 16, 2014

Got rid of all credit cards.Can not be happier.All credit cards are new forms of slavery.SAY NO TO ANY CREDIT CARDS!, let Warren Buffet keep it all to himself

CodeguySeptember 16, 2014

Wow there are a lot of oeanut gallery commenters here.

These offers are going only to people who have a great credit history.

Credit is not all bad, it’s managing credit that’s important. Banks are not evil, they are corporations made up of human beings who want to feed their families. True, there are unscrupulous people everywhere, but blaming banks for the financial crisis is populist nonsense. Blame banks, regulators, realtors and buyers equally.

These offers are financed primarily by merchant fees in the case of % spending rewards, or by hotel or airline partners in the case of signup bonus points. Merchants who object are free to charge a credit card surcharge (the card act of 2010 guaranteed that) but merchants should also realize that cash management actually costs more than managing credit cards. Merchants can also give a debit discount that rewards people for paying with their ATM card.

But people should realize that most of these reward cards are funded by airlines and hotel partners as a way to incentivize people to fly delta instead of united, stay at hilton instead of marriott, etc. they are given only to high earners with good credit, who typically travel on business, so it’s good business to offer them loyalty …..

Believe me,these top offers are not going to people who can’t handle credit.

Rebecca F.September 15, 2014

Who would ever do business with Chase Bank? Have you ever read the terms for Chase Credit Cards? If you are late paying they will raise the interest rate to 29.99% forever on all products you have with Chase bank, like mortgages, car loans, credit cards etc. I also own a mail order business and I pay my processor more than the standard rate for cards with rewards.

George MorganSeptember 14, 2014

Your comment that S.S. ‘ ; would be solvent if interest was allowed to accumulate on the account ” .
In reply ; I might add ; that it was always solvent , and doing well ; until , ” democ – rat ” ,
LBJ ‘ decided to combine S.S. fund , into the General fund .

Primo BenavidesSeptember 13, 2014

We The People need to unite and repeal the Federal Reserve Act of 1913. We The People lost the greatest president ever on November 22, 1963 because he signed Executive Order 01111 returning the authority to print United States Constitutional money back to the U.S. Treasury. America Wake Up! The Federal Reserve Bank is not a federal agency and is unconstitutional. Federal Reserve Notes are unconstitutional. Until We The People regain our authority to print U.S. Treasury Notes, which are interest free, back to our U.S. Government, We The People will have to endure the unconstitutional interest charges that the Federal Reserve Bank charges on loans to the U.S. Government. The Congress talks about the National Debt. The National Debt has been brought about because of the interest that is charged on loans to the U.S. Government from the Federal Reserve Bank. If the Federal Reserve Bank is a Federal Agency why does it charge interest on loans to the U.S. Government. Overturn and repeal the Federal Reserve Act of 1913. Until this happens We The People will never be able to state that We The People are in charge of our government and are truly free. For Freedom and the preservation of our future. Unite and demand that our elected officials do something about the greatest robbery happening to We The People. Ask yourselves this one question. What happens to the money that is collected by the Social Security Administration on Social Security Accounts, Why isn’t interest paid on these accounts. Who collects this money and retains it interest free. If interest were paid on these Social Security Accounts, the Social Security Account Trust would be solvent until forever. The Money collected by the Social Security Administration should be invested in U.S. Treasury Notes and Bonds and allowed to earn interest. Repeal of the U.S. Federal Act is necessary in order to restore faith in government free the people. Respectfully,

NoCreditCardsSeptember 11, 2014

Wake up people! DONT USE CREDIT CARDS!! Stop living in excessive debt. Ever notice the people with the “best” credit scores have the highest debt? Don’t get fooled by credit scores either, because all they are is a way for banks to gauge how profitable you are to them. It’s a scam that has been run by banks for years and you are all victims to it. WAKE UP NOW. Stop using your credit cards, pay off your debts, and watch how fast your score drops! Credit cards are evil and the benefits never outweigh the negatives.

How is a Valley professional with absolutely no formal financial training/education even able to write a article like this? She has no financial credentials and I find it very strange that she is promoting banks. A Product Management and Marketing background is enough to justify this? PLEASE!!

JHKSeptember 8, 2014

Not going to get involved in discussion of good vs evil in credit card issuers, though I agree with a lot of what has been said here. I use credit cards because they are convenient and I can delay payment for ca. 30 days. However, I always pay them off, on time, when due, so I never generate any finance charges (credit card companies do not like this).

With respect to the “7 best deals” mentioned above, I think the new Sam’s Club Master cash back card should be included. This card gives you 5% back on gasoline purchases, 3% back on travel and restaurant purchases, and 1% on everything else. Honorable mention should go to Lowes. Their card gives you an INSTANT 5 % off of all purchases made at Lowes, so if you use that store frequently, it helps.

Andrew G.September 2, 2014

Yeesh, calm down bank haters. Credit cards aren’t going anywhere so what should you do? MAXIMIZE YOUR RETURN!!! Businesses know they have to pay the credit card fees for the majority of their customers that are using cards, so the cost of the fee is built into the price of the goods you’re buying. What happens when you pay cash or use a debit card? You’re overpaying for your purchase! You’re paying for the fees either way, so your best move is to get as much of that fee back as you can.

The AMEX Blue Cash Preferred – maximizes my return on gas and groceries which is the bulk of my monthly bills. HERE’S THE TRICK: Buy gift cards for Amazon, Home Depot, and Target at the grocery store. All of a sudden you’re getting 6% back on a larger portion of your bill. This way you should easily max out the $6,000 annual limit for the 6% return. If you’re married and you find you can max this out before the last quarter of the year, consider getting your spouse to get their own card in their name. If you max out the 6% return the annual fee easily pays for itself.

Captial One Quicksilver – I use this for everything that is not gas and groceries to get maximum return (1.5%) for those purchases. Where is Quicksilver on this list?!?!?! All the travel cards get you about 2%, the Barclay does look to be the best at about 2.2% but it has an $89 fee, so you’ll need to spend about $12,000 a year on the Barclay card to get a better return than the Quicksilver. Since I’m using the AMEX for the bulk of my purchases it doesn’t make sense to go for the travel cards.

Got a better system? Share it!

Gary GillAugust 31, 2014

Milton Friedman got it right: There is no free lunch.
Beware of bankers bearing “free” gifts.
Cash back reward programs: keep it, banks should charge lower fees.
What’s in your wallet? Not Samuel L. Jackson.
Sometimes using credit is unavoidable, but remember: you can’t borrow your way out of debt.
Live within your means, or get bigger means.
I wonder how bank profits today (in real dollars) compare with yesterday’s profits (ie, after credit cards were introduced and before)?
America will cease to exist in its current form if it continues as it is. The model is unsustainable.
The meek won’t inherit the earth; they won’t want it.

RaimundoAugust 31, 2014

Baffled

You have no idea on what you are talking about
Use your CC ( assuming you got one ) for your own benefit
You pay the same I pay for the goods you want or need
Be smart with your money , count it twice and use it only once

Jack Russel

Sorry for your trouble , but if it was for no cards at all , you would be even in worst shape
One have to be very carefull while planning the finances
But sometimes life is not what we order
And off course the banks are a business , and like any business , they are there to make money
Most of all , one needs to live life the way one can afford
Just because the Joneses got a new boat , a motor home , 5 cars , 12 motorcycles etc etc , it doesn’t mean one has to beat them
They may got all of that , but no one really knows how
We all know those people like the Joneses , and we know what happen after that , they lost the house
Why they lost the home , THEY. Used it as their bank , by cashing in the equity
I never had a new boat , or 12 motorcycles , but I still have my home ( paid off )
Never touched the equity either , simple math !!!

RaimundoAugust 31, 2014

Baffled

You have no idea on what you are talking about
Use your CC ( assuming you got one ) for your own benefit
You pay the same I pay for the goods you want or need
Be smart with your money , count it twice and use it only once

Jack Russel

Sorry for your trouble , but if it was for no cards at all , you would be even in worst shape
One have to be very carefull while planning the finances
But sometimes life is not what we order
And off course the banks are a business , and like any business , they are there to make money
Most of all , one needs to live life the way one can afford
Just because the Joneses got a new boat , a motor home , 5 cars , 12 motorcycles etc etc , it doesn’t mean one has to beat them
They may got all of that , but no one really knows how
We all know those people like the Joneses , and we know what happen after that , they lost the house
Why they lost the home , THEY. Used it as their bank , by cashing in the equity
I never had a new boat , or 12 motorcycles , but I still have my home ( paid off )
Never touched the equity either , simple math !!!

Jack RussellAugust 30, 2014

This is an interesting thread, I scrolled through much of it but got the gist. I say, beware of credit cards. I say this based on personal experience which might be other peoples too. We’ve used our business and personal credit cards correctly (paying off the balances early, no fees, cash rewards) for a couple of decades and were always the worse-than-deadbeat customers since we ended up getting some pretty good cash payments back while paying nothing to Chase and Bank of America. Then the recession hit and our income leapt off a cliff. We’re better now but we’ve had to borrow from family members to pay off credit card debt and I’m thinking about cutting them up. Especially after reading some of these comments. Thanks Tim and Sam for starting an excellent debate.

baffledAugust 30, 2014

Anyone who overlays for something only to get something in return is a moron. Can you imagine paying $20 for a soda and then waiting at the mailbox for your $19 “cash back” check? What a joke. Seems like the higher the credit score the lower the IQ. Wake up.

RomdudeAugust 29, 2014

If you know how to use credit cards well, then it’s useful. I took that 18 month offer from citibank and after the offer I’m paying 12.99% apr. That’s not a bad deal compared to slate or bank of america’s aprs. With 0% interest for 18 months, I’m almost paid off all my other cards and can now concentrate on a balance that is not being charged an arm and a leg, maybe a finger but definitely not an arm. Then if I really want to bother, I can finance it with low (under 5%) personal long term loans from federal credit unions which normally feature some of the lowest interest rates around and which I can easily get with my near 800 credit score and good annual income. It’s useful if you want through a bad patch and now doing your best to pay down all your debts asap and as cheap as possible.

MargaretAugust 28, 2014

As a professional having a credit score around 800 I had most of the cards above. While I wouldn’t wish it on anyone I was pervasively hacked that the FTC upgraded my complaint from personal I’D theft to unfair business practices act. Bottom line it has been ongoing for over a year. I could not make a payment, I had to deal with non native English speakers, I had to send notarized ID & SS copies to PO Boxes which I did not feel secure. If I wanted to set up automatic payments it could only be done on the Internet. (Did they even think ?). Then they couldn’t deal with me as the Target Scandal hit. In short I am almost 2 years out, 5 complete cleans etc. My credit score is now around 400 . While I tried to rectify all issues, no one else was interested including the government to help me. Bank of America and Barclay were completely indifferent. Capitol One and Chase worked with me. FYI.

Vivek KilpadiAugust 28, 2014

How does one get a credit card if a retired and freshly minted green card holder has recently arrived in the US? and has little credit history in the US? How can AARP come to their rescue?

JohnAugust 27, 2014

What do we pay for the privilege of having cash in our pockets? I think it costs us a lot more than we realize to print or mint our cash. The Treasury wants to eliminate the penny because it costs more to make than its worth. I think the same might apply to the $1.00 bill if you consider that a bill lasts about 18 months to a coin’s 20 years.

Erlene FlowersAugust 24, 2014

I agree EXCEPT,. taking advantage means that you have to be very savvy in card use. I do not agree that Barclay is a good risk. They change rates VERY, VERY, quickly. They should be on the watch list.

ChuckAugust 23, 2014

@Neil: It’s Barney Frank’s fault! A Reublican majority in the Senate, another majority in the House; a Republican in the White House and the Supreme Court stacked with Republicans. And Barney Frank forced them all to pass those laws. What a powerful powerful man ! In the face of such awesome power, it’s a miracle that the GOP could manage to pass all those tax breaks for Donald Trump! I’m surprised the all-powerful Barney didn’t veto those.

JAMES ZAugust 23, 2014

Credit cards are for those who are financially responsible for their convenience and flexibility. Of course, banks have to make profits by charging the merchants who accept the use of credit cards. As a user, one should and could treat them as cash you takes in monthly and pays off the balance each month. There is nothing tricky here to understand. Please remember all the goodies offered by banks are traps that you don’t wish to fall in. I have been very careful to play with the games of credit cards, so far I only fell into the trap once. I have taken advantage of mileages cards, hotel awards cards for many years. I have taken the first class flight to Asia for three times with Citi AA Advantage Master Cards, stayed at Hilton, Marriott and Hyatt for many days free of charge thanks to the goodies offered by both Citi and Chase. I will continue taking advantage of using them but I constantly remind myself not to be late for the payments.

I also use my credit cards for almost all purchases,it gives convince and
the safety of not having to carry a lot of cash,when that changes my
method of purchasing will change.I have excellent credit and spend
only what I can afford.Sadly too many people in this country don’t understand
that with rights come responseablity-period.The government had a major
hand in the bank failures-Barney Frank “Every American Has Right To Own
A Home” he fails to mention the responsibility part.Banks were sued for not
making loans to people who could not afford them – ask governor cuomo of
NY who was head of the NY reserve-ask him of his responsibility.

BillAugust 21, 2014

American Express unfortunately is not a loyal “business partner” with their customers. They will drop you quickly if you fall out of their credit criteria despite your actual credit history with them. I had their card for five years, never late once. Went through a divorce, my ex wife refused to pay the mortgage on one of our properties that she lived in, and hurt my credit. American Express didn’t even notify me. I had to get turned down at point of purchase one day by surprise to find out.

I’ve since recovered from the divorce. But I use other cash back credit cards now. Amex has lost me as a customer.

Gin SignAugust 21, 2014

“This is the final financial truth regarding communication through terms and conditions of contracts. Whether, verbal, written, electronic, silent, drawn or broadcast through a special means of messaging, all human beings will be created equal. Happiness and freedom will be found among those who find their own personal perspective, rich with integrity, authenticity and service. This final truth is that money cannot offer stability but will usually offer a warmer outer layer and lessen anxiety. Therefore, the truly rich have come to believe that comfort and stability can only be achieved with a purposeful perspective, a heightened awareness and a desire to only make assumptions based on his or her own inventories. The commonwealth of men and women can only be determined by the common efforts of restoring equilibrium to mutual understanding.” My Final Financial Truth Blog Comment featuring Gin Sing

Gin SignAugust 21, 2014

This is the first financial truth that must be addressed in all contracts set between two or more individuals. All of which, must have an equal say and understanding of what the terms of the contract are. Small print is not an acceptable way of updating or acquainting a customer with terms of services being offered, as most readers cannot see the letters properly to form words. So large companies that are somehow turning into powerful bundled monopolies, have a long way to go. However, I can already tell from this article alone, that we’re heading in the right direction. And actually, if a majority of the population would open up their minds a little more and try to trust in the good will of others, even just a little, they might find that they too are being bailed out right at this or that very moment.” -My First Financial Blog Comment Signing featuring Gin Sing

JamesAugust 20, 2014

Used responsibly, credit cards are great financial tools. Take advantage of every deal you can find. Of course banks are making money off of them. If they weren’t, they wouldn’t give them out.

davidAugust 19, 2014

I have (in the past 20 years) bought 3 houses and 4 cars with NO money down, and NO co-signer and POOR credit (300-450). The credit score is a huge lie and you CAN make major purchases WITHOUT it. MANY ways to do business in this country (legally mind you) WITHOUT credit…. just sayin…………..

larryAugust 15, 2014

All credit is bad, it encourages people to spend money they do not have. This is irresponsible at best. If you want something, save up for it, you save money in the long run, and often, when paying cash, you get better deals too.

RonAugust 12, 2014

you are all IDIOTS!! Debt is Dumb!!!! how about this for an idea!! DONT use credit cards …. Dont borrow money…. and you will have cash to buy the things you need!!!! WOW… what a concept huh?????

Mike22August 12, 2014

I will also add that cash has its drawbacks as well. You can lose it or get robbed. You generally cannot dispute a transaction and business checking accounts are charged for depositing cash so it does carry costs to use it.

Writing checks is not really secure anymore. With mobile deposit you can give someone a check and they take a picture of the check with their mobile phone and then who knows what they will do with the actual check that has your account information at the bottom. I now use electronic transfers (Popmoney, Paypal, etc) to pay an individual. For someone who insists on a check, I insist that they deposit it with their phone in front of me and then return my original document.

The best way to avoid those credit card fees for the merchant and to stick it to the bank, is to use your Debit card as a “debit” transaction and enter your pin. A handful of banks charge the customer a fee for PIN transactions but most don’t. In this case, you don’t get the credit card protections but I do this for the smaller purchases.

One way for a savvy consumer to get back at the banking industry is to take them up on the cash offer to open a new checking account. You have to be really careful and definitely use a calendar to schedule your deposits, etc. You also have to make sure you close out the account correctly and give them some bs story about not having enough ATM’s or Drive up branches. Most HR offices allow employees to change direct deposit information at will online. You can even split your paycheck between several banks.

A couple of years ago I took up every major bank on their offer. I avoided community banks and credit unions, though. I wound up making nearly $1000 cash. The only thing is don’t forget that you have to pay taxes on this money when you file your return. So I had to pay like $300 additional taxes. But at least you played the bank’s game and won.

hankAugust 12, 2014

i am just happy to finally see a proper “discussion” on a website that didn’t denigrate into a name calling, personal insult page that usually follows articles such as this.

SteveAugust 10, 2014

“Jeff Reich April 23,2014
Why do people think you can only “over-spend” with credit cards but not cash?”

I’m curious as to how one can over-spend with cash. Once you run out, you’re through.

I still write checks for most things. It works quite well and keeps my penmanship skills up.

I’ve had a B of A checking account for over 30 years and have never had a problem with them. They have lots of ATMs including in companies I have worked for. Credit unions aren’t nearly as convenient and don’t pay any real interest on checking or savings accounts either, so I dropped my CU account when they decided to start charging $7/month if one’s balance was below a certain amount.

SteveAugust 10, 2014

“Jeff Reich April 23,2014
Why do people think you can only “over-spend” with credit cards but not cash?”

I’m curious as to how one can over-spend with cash. Once you run out, you’re through.

I still write checks for most things. It works quite well and keeps my penmanship skills up.

I’ve had a B of A checking account for over 30 years and have never had a problem with them. They have lots of ATMs including in companies I have worked for. Credit unions aren’t nearly as convenient and don’t pay any real interest on checking or savings accounts either, so I dropped my CU account when they decided to start charging $7/month if one’s balance was below a certain amount.

NannAugust 8, 2014

My husband once owned AARP Chase credit card, we followed the term ie, interest free offer and the 5% reward on every purchase during promotion. Turn out Chase cancelled all my husband Chase credit cards because of AARP card without notifying us or any explanation. After our investigation, the rep financially admitted that they did not like the fact the 5% reward that we have earned. The reason Chase put in my husband’s record is “unsatisfactory customer relation”. What a suck offer, they offered you than they trick you and ruin my husband credit history.
Filing a complaint with AARP three years ago, got no response up to this date. Much time has been wasted. Chase has violated good faith law, but fight was in vain.

SO BE CAREFUL WITH THOSE SWEET OFFER MAY END UP HURTING YOUR CREDIT. YEAH, BANKS ARE GREEDY AND TRICKY.

NannAugust 8, 2014

I owned three of above cards. I pay minimum payment monthly when interest free period expired, I pay them off.

For Slate card, you do not earn any reward but you can transfer balance with no fee. While Blue Cash card will earn reward, so does BOA credit card.

I take advantage of the interest free promotion and only need to pay min payment monthly to help get by with cash flow problem. The bottom line is not to pay interest. Not easy, but this is the way to be money smart.

JenAugust 8, 2014

Also with the BankAmericard Cash RewardsTM Credit Card you get an additional 10% if you deposit the cash back you have earned into a Bank of America bank account. So far this year I have earned $600 just for spending what I would normally spend. Plus this money is tucked away in a Savings account that I don’t use for anything else, so the money will just keep accumulating. I love this card!

SueAugust 7, 2014

I live in a rural area where the bank is open 3 days a week , having ready access to cash is not always easy, . I have found traveling with credit cards is safer , I can keep it close to my body , not in a wallet , and thus avoid carrying an obvious purse and thus feel more relaxed and safer than if I had to carry 100s in cash when traveling in Europe , South america , it even makes swimming possible in unguarded places because they could be put in wrist security bands. Electronics do have a costs but so does cash, cash can not help fight back when the company has defrauded you, the credit card company does. Cash does not increase the guarantee time. Oh well just some thoughts. I have a small business and it is the cost of doing business in this age.

tony215August 6, 2014

The more I read some of the remarks make me think that people that uses credit cards make people who are brain dead more intelligent then you.
Think of it !The central bank a private institution not run by or under any government who runs the financial banking system and sole purpose is to keep people in debt and who does not to pay any taxes.
You people use money that don’t exsist in the first place, use their cards/debt to pay for something with money you don’t have and they are willing to give you some back to keep you in debt. Hum

tony215August 6, 2014

in debt will pay you to stay in debt.

Ralph DeedsAugust 6, 2014

In my experience USAA MasterCard is the best credit card. I’ve had bad experiences with others, especially JPMorganChase.

SteveAugust 5, 2014

Question for those who say have no cards: Last time I travelled I arrived and found I could not rent a car and could not even rent a hotel room! I had a miserable time sleeping outside. They didn’t mention this on the phone when I called initially. I’d like to get a credit card, but nobody will give me one since I have no credit -the free credit score places say “they have no record of me”. I live entirely cash because that’s all I can do. Advice?
p.s. A question: do No Annual Fee cards stay that way or is that just for the first year?

Robert MAugust 5, 2014

These “new” cards still do not address the European travel needs of any USA customer.

Without a compatible chip and pin American cards are useless in many critical travel situations – such as getting out of a parking lot, paying for gas and many restaurants and hotels.

You end up having to use a debit card at an ATM in the middle of a busy street where you then have to fumble several hundred Euros onto your purse. Not comfortable!!!

When are we going to get compatible cards so that we can stop being wealthy targets for any pickpocket?

JulieAugust 5, 2014

You might want to check your facts on the Chase Sapphire Preferred Card – they recently came out with a new program where the 7% back will be discontinued, as well as a number of other changes.

Bill CashAugust 1, 2014

Nice infomercial NextAdvisor

aAugust 1, 2014

Put all off these posts on a second page….

glenn finchJuly 31, 2014

I look forward to learning more about credit cards working with your services and advice. I have been ripped off by credit card companies on more than one occasion. Thank you. Glenn Finch, Attorney at Law

BaconizedJuly 31, 2014

Guys, Guys… Credit Unions.

David KallisJuly 24, 2014

My response to Tim’s comment, dated back to November 15, 2013.
Well, you are absolutely right. BUT, as a business man, I HAVE to charge my card, so I can prove to the IRS that I had legit expenses.
There are many of us (businessman) that have to do just that, even in a supermarket.

PamiJuly 23, 2014

Simply cash is the best way to go.. but If you do need to use your card WATCH OUT! I noticed lately banks are charging HIGH INTEREST Rates on cards that claimed low interest or NO interest for a year.. and they are chargin unncessary LATE FEES when you are paid on time. I attribute this to online account bank hacking and alteration o f the account terms from online hackers..IF you are seeing this. KEEP YOUR OLDER STATEMENTS AND MAKE COPIEs.. then NOTIFY THE BANK.. DISCOVER CARD has an issue with a phony bill payment address in CAROL STREAM IL . where as there is no such bill collection center in IL AT all.. Persons will find tampering with the account and terms.. and DISCOVER IS UNWILLING TO INVESTIGATE OR RECTIFY. I Drove to the PO BOX location its a DEAD LETTER OFFICE In the back of the post office.. NOT AN ASSIGNED PO BOX..
IM serious. I cant get them to correct this after five years.. of pestering them

travels alotJuly 21, 2014

I got the Hyatt credit card. New member bonus – two nights at any Hyatt in the world. Stayed two nights at the Park Hyatt in Paris. 700 euro a night rooms. Also picked up the American Airlines credit card. Sign on bonus 100,000 miles. Granted this card is $450 a year. But on the first swipe I got a $200 statement credit. Pair that with Admrials Club access it is an amazing deal. I pay my balances to zero every month. These credit card companies send me offers for free money and I take them up on it.

My fico scores are all north of 775. At first I was apprehensive about getting credit cards because it might damage my credit score. After getting six in the space of a year my credit has not dropped one point. Granted I do have a lot of hard inquiries. But I am not house shopping so I don’t mind.

AmieJuly 19, 2014

@sam, traveled all over the world… What credit card is that? Please?!

QuakerJuly 19, 2014

Beware of the BALANCE TRANSFER, PROMOTIONAL CHECK or CASH ADVANCE FEES!! No credit card, that I know of, is currently offering NO FEE transfers or advances. The fee is up to 5% (& it can be much more for straight cash advances). It is written somewhere on the offer in large, bold, clear print – by law. (I wonder why it has to be BY LAW?? Have supposedly “honest” lenders EVER taken advantage of a borrower?!?) So you are actually paying “interest” up front & it is added to the balance that you must eventually pay off.
It is probably not written anywhere in a bank’s policy, but they WANT you to let your promotional rate expire & pay upwards of 30%. That is why bankruptcies got to be so easy to do, to offset unscrupulous lending practices that had many people trapped. They have tightened up since 2008, though.
Bankers would tell you those high interest rates, fees & penalties are deterrents to customers defaulting on their debts. That is not entirely true & they are knowingly committing usury. Many of the major financial institutions are “working with” Title & Payday Loan Companies. NEVER EVER EVER NEVER NEVER use a PAYDAY LOAN, TITLE LOAN or EMERGENCY LOAN of any kind!! They are allowed BY LAW (who allowed this?!?!) to charge upwards of 400% APR… … … that’s FOUR HUNDRED PERCENT ANNUAL PERCENTAGE RATE!!!! Before you do something this desperate, get a job as a banker.

SubhraJuly 18, 2014

I have 10 credit cards with 0% introductory APR for 15 months. My total credit limit is 16000$ . I try to put all expenses on these credit cards and transfer the money to my home country where I earn 10% interest on this which comes around 2000$ in 15 months. I only pay the minimum amount due. Also I earn cash back of around 3% which amounts to around 500$. And on top of these there are offers on these cards which gives me introductory bonus and referal bonus. I have earned 600$ through them. So , I basically earned 3100$ by using my credit card in a year. Who would give you so much for free? So whoever the credit card compannies may be robbing , I am gaining a lot from it.

MikeJuly 18, 2014

credit worthiness is an important part of life weather we like it or not. I personally gave up all credit and live spending cash I would cash my check and pay the $4 fee at Wal-Mart, these fees however also added up after time so I got a checking account and then after the first year they said there was a fee for that too if I did not use my check card or have automatic deposits so I did that then I got a prepaid card for hotel and car reservations, then they check your credit when renting a car and I had none! so then I got a real card and so on. things are much easier done when you have the plastic card, I pay it off every month and have maintained no interest now for more than 2 years so I always have the money available, it is like carrying cash without the risks of carrying cash!
I get not wanting to go down that path but be responsible and your credit may become your best asset!

deep in the woodsJuly 14, 2014

What would be an amish bitcoin?

OlgaJuly 14, 2014

I shred every offer from all credit card companies.

I have torn up all of them as well. I don’t use credit cards anymore. I learned my lesson

Winston WoodJuly 13, 2014

I think you may be lumping people together too much. For me, and my wife, we’re retired, travel a lot, carry no balances on any card. We like the Hyatt card which gives us 2 free nights a year (we have 2 separate cards) at most any Hyatt property, a benefit worth perhaps $500-1,000, and they have no foreign transaction fee, which, for us, is worth an additional $500-1,000. And they do this for some $75/card/year. Pretty sweet deal, as far as I’m concerned.

ArgonJuly 12, 2014

Most credit card companies call the people who pay off their balances every month “deadbeats,” because they don’t make as much money off them as people who carry a balance, or pay late, or make minimum payments.

jasonJuly 11, 2014

Credit cards are tools. Use them incorrectly and you can hurt yourself. I have great credit because I know how to use credit. A few years ago I was in the process of buying a house for 70k with 20% down. 2 weeks before closing, the lender told me they would not do the loan because the ac/heater was missing. I explained that I had money set aside to put a new one on after closing. I was told too bad. Not wanting to lose the deal, I used convenience checks from 3 different cards with 0% apr deals to cover 56k. I used a different 0% card to spend about 10k more fixing the place up and rented it out for 1100/mo. I worked my ass off to save and budget to pay off each card before the interest rates jumped. So, now I own this home free and clear, which provides me 1100 each month. The best part is that if I decided to sell, it’s worth about 150k now. When the mortgage company turned its back on me, I used my plastic tools. Thank you credit cards!

mikeJuly 11, 2014

Tim, do not worry, These cards are for those with good credit. You can’t use them.

Alex-ZanderJuly 10, 2014

I too like to make comments on random websites.

jo hartJuly 9, 2014

small print: this site may be compensated through the credit card issuers’ Affiliate Program.

SarabelleJuly 7, 2014

Lol at the people bragging that credit cards love them because they pay their balance off monthly. Newsflash – credit card companies don’t even think about you, because far more of your fellow americans are keeping them laughing all the way to multiple banks. so, good for you, but you’re the proverbial drop in the bucket.

John MartinJuly 5, 2014

Rich people don’t need credit cards, they have many times more money in bank accounts they can tap into anytime. So this is just a convenience for them. Middle class on the other hand need credit cards but they are systematically destroyed by the same banks themselves.

GrayGhostJuly 3, 2014

I’m a former employee of a major financial services company. My name matched that of someone else (at the “top of the food chain level” ) in the company, and I sometimes got e-mails intended for him. One of those e-mails detailed communications regarding the fees that might be paid for conducting a plastic card transaction between our company and another company. The writer complained that the other company would not budge on a 1/4 cent (yes, $.0025) difference for the processing fee they wanted. The annual total of the 1/4 cent difference? Ready?
$14,ooo,ooo. Seriously. Do the math. Every single company that touches these transactions gets a cut. Every. Single. One. And THAT is where the serious daily money is–the transaction fees.

DirtcheapJuly 2, 2014

I average 100 a day on my reward credit cards which I pay off every month, try
carrying that kind of money in your wallet you will be going to the bank every other day.

HankReardon77July 1, 2014

Banks want your business with them. That’s all. When you transact with them they are getting a cut and not their competitor. They’re trying to build a relationship with you. The onus is on you, not the banks, to spend within your means and live within a budget, not theirs. No one’s fault but yours. Just because the Bank extends credit doesn’t mean you have to take it. No one makes you eat those M&Ms, eat those Pringles, etc. Gosh, have some self control and take some personal responsibility.

Jim DJuly 1, 2014

The problem with the me generation is they “have to have” the newest and best of everything to have self esteem, like they had to have a pat on the head in school for this. I was taught a long time ago, if you can’t pay for it, i.e. afford it, don’t buy it. If everyone would live by this, besides putting aside a little money each month, America would be a much better place and we would not have the “ME, ME, ME’S” so unhappy. What ever happened to self responsibility? I could go on and on about working your way up, like millions of Americans have over the history of this great country and being financially responsible for yourself but who’s listening anyway? Just a thought.

CynthiaJune 28, 2014

I would Never do business with Bank Of America. Someone had to take one for the team because no one in their right mind would do so.

PamJune 20, 2014

I cut up my credit cards 15 years ago and never looked back! No regrets here.

Manuel RoblesJune 20, 2014

O my god. What a thread. Credit cards are simple as long as you manage them. I have credit cards and pay NO FEE’S unlike that post about the 100% fee’s, really?

I use an American Express Card that charges me nothing, I pay if off every month. Someone mentioned not being able to pay it off every month, then guess what, you’re spending too much money. I use it to purchase airline tickets. When I do, I get a credit of $250.00 for incidentals while I am on that trip, and I don’t pay for checking luggage and I get into crown rooms at airports at no fee.

I bank with Bank of America, not my favorite bank, however I pay NO fee’s to bank there. I have a Bank of America Platinum Card with an interest rate of 7.99%, if I use the card, I pay it off monthly. I also have my checking account there, I don’t pay a monthly fee for checking, and I don’t pay for checks.

My company uses E*Trade for employees stock options and grants. With that there’s a free checking account which is great so if you need money from the work related account, all you have to do is write a check and there are no fee’s. There’s also a debit card. If I use it at any ATM, no matter what bank, E*Trade doesn’t charge and ATM fee at all, ever. Anyone can bank with E*Trade.

It’s not that difficult, spend what you can afford, if you can’t pay a card off at the end of a month, you can’t afford it. If you’re having to pay monthly fees for your regular checking, you should consider another bank.

It’s not that hard, it’s just something you’ve got to manage, and when rates or fee’s change, then you might have to make change.

Colleen SmithJune 19, 2014

Besides the use of credit cards helps with credit scores I have made money by using interest free to make large purchases & paying off on time before the due date & earning interest .84% in the bank on the money put & held aside to make those payments. I also switched from check to credit card because using a check to buy anything takes, and has for a long time, a long time to check out at the register.

SamJune 17, 2014

Any miles collected on the credit card’s bank where you have to use their travel agency to book a ticket is the biggest scam there is. I tried to book a flight in BC as buy a coach ticket and upgrade using miles, the quoted price and miles were so rediculous. You could get the same BC ticket from any discount travel agent muc cheaper than the price quoted by the credit card travel agent. You don’t even need to spend any miles. This is what I found out on the American Express card miles. Other cards won’t be any different. The only exception is the Chase Sapphire card where you can transfer miles 1:1 to any airline FF program. You buy the tickets cheaper from the airlines, and they will give you buy with cash and upgrade with miles.

AmyJune 12, 2014

I do not understand what all the hullabaloo is all about. I am a temp. worker. I live pay-check to pay-check (I also earn less than $16/hr). I give money every month to my church; I send money to my 2 kids and pay their expenses. I also pay my expenses here and still manage to put away about $200 every month. I have 2 credit cards – 1 from bank and 1 store card; i just obtained another one making it three. I have never paid my balances late or in part. They are always paid in full each month. How do I do it? I make sure I buy ONLY what I absolutely NEED. I want a lot of things but I usually ask myself, do I really NEED this? How will my life change for the better if I purchase it? I do not follow the latest fashion craze; drink or smoke and rarely eat out. I vacation with friends to save costs. I spend cash most times than CC. I make a list of things and don’t just walk into a store and buy anything that catches my fancy. I am not cheap or greedy. I believe in buying durable goods even if expensive but take my time before I make that purchase even if it is a pair of shoes. The day I got my student CC 2yrs ago, the bank clerk told me not to make any purchase if I know I cannot pay for it at the end of the month and I took that advice to heart. It has guided all my purchases till date (I could have chosen to ignore it). Oh, I forgot; I just realized something! that it was not my wisdom that guided me but God who stretched my meager income and gave me the wisdom to do this. HE always makes a way. My Cr. score? = 800+

HmmmJune 10, 2014

Did you read the disclaimer: Disclaimer: This content is not provided or commissioned by the credit card issuers. Opinions expressed here are author’s alone, not those of the credit card issuers, and have not been reviewed, approved or otherwise endorsed by the credit card issuers. This site may be compensated through the credit card issuers’ Affiliate Program.

BOOGIE46May 18, 2014

I got to this site looking for a better deal on my credit cardsssss get it cardsss any way I use all cards for puchases cause I save MONEY… 6% groceries, 3-5% gasoline (and we use plenty) 1% for everything else. You no who pays yep, the retailer cause he wants my business.you no who else pays , yep yhe poor bastard with lousy credit I’m sorry for him but we killed ourselves to pay all our bills on time even with 4 children. So do the banks hate me ? Hell no they love me cause they make a ton on what I spend. There are some that won’t take the cards that cost them more O.K. I get it here use this one instead….. no problem

DuudeMay 16, 2014

Best deal I ever got was a 2.99% lifetime rate on transferred balances. So long as I was never late with a single payment, the rate would and has continued unchanged. However, if I’m one day late, they’ll raise my 2.99% rate to 34.99%. LOL! The balance I transferred is low enough now I can just pay it off if I wanted but where can you get 2.99% financing that doesn’t change with interest rates?

AviMay 13, 2014

Clem’s post of December 2013, is on target. Banks are greedy and that greed is costing them today. AMEX gave me a Blue card with a balance transfer offer when I was in grad school, about a decade ago. The offer was 0.9% forever, and 21% on purchases carried. Seemed like a good deal since my bank was paying 4.5% on savings then. I used the card for the transfer, as this was a far lower rate than gov’t student loans (6.5%), and religiously made the payments of 1.5x the minimum. Wasn’t good enough for AMEX. In ’09, they decided I wasn’t making enough progress toward paying off the transfer, despite the fact I was paying double the minimum payment. They cut the obscenely high credit limit to $5 over what I then owed them, just at the time I’d completed grad school, took a job paying a good wage, because, I “wasn’t paying off the balance transfer fast enough.” Each month, they lowered the credit limit by precisely the amount going to principle, despite the fact that my income was many times what it was when they gave me the card. To this day, AMEX now pleads for me to return. To this day, the Blue card sits in a drawer gathering dust. They reported on my credit report “pays as agreed” with a credit limit of $500. I’m sure if I asked them, they’d raise it today, but since their competition has and continues to treat me well, why bother? I use cash these days for many things. AMEX, on the other hand, made a short term decision to attempt to escape their bad deal (and very good deal for me) which didn’t work, cost them my business forever, and now that they want my business, they are paying the price. Are you listening, Mr. Chenault?

JoeMay 10, 2014

A credit card in itself is not a bad thing-it’s a tool to buy goods and services without cash. Paper money and checks are being used less and less today, and many vendors use debit/credit cards as their primary way to receive and transfer funds.

That being said, credit cards are dangerous in the hands of irresponsible and naïve individuals who don’t understand the concept of compound interest. That $100 widget will cost you $400-$500 and take years to pay off if you only make the minimum payment each month. In addition, late payments will really damage your credit score and increase interest rate for most card vendors.

I view a credit card kind of like a gun. It’s not a bad thing in itself unless used irresponsibly.

cls906May 1, 2014

Since when has being successful, or a winner become a crime? Those who hold bank stocks in their portfolios are doing so because they earn a profit. Do you bank where they give you interest on your savings? Money Market funds? IRA’s? CD’s? Where do you think that money comes from?
Since when has it been a person’s right to purchase things they can’t afford, and then demonize the people who lent them the money to buy it? If you borrow money from me, I expect you to repay it…at whatever the terms are that YOU agreed to when you borrowed it. Don’t like the terms? Go elsewhere, or don’t borrow money. Save up until you can pay cash. Unheard of these days. Everybody wants everything right now.
I spent many years (40+) in real estate and related businesses. Real property prices escalate when cheap money becomes available. People borrow more than they can realistically expect to repay, then bitch about banks charging interest. That interest makes money available for more loans. Are they making a profit? You bet they are…IT’S A BUSINESS. Does your business make a profit? If not, you go out of business. They make a lot of money because PEOPLE are greedy. They all want to live in houses they can’t afford; drive cars they can’t afford; everyone is entitled to everything. This is a recipe for disaster. If you don’t like banks and credit cards — pay CASH, and quit bitching.

LonerApril 30, 2014

If any store wants to go “cash only” AND it’s actually reflected in their prices, sounds great!! I would go there. I would go anywhere with those conditions as long as its well known in advance.

Paul MasonApril 29, 2014

Tasha,
After reading your column about credit cards for people with excellent credit, I contacted Citibank regarding their card you recommended.

Unfortunately, Citibank’s credit card application would only allow one to list an income of $99,000 while I have an income of over $1 Mil. DUH!

Why don’t you write a column for people do actually have “excellent credit”?

Paul MasonApril 29, 2014

Tasha,
After reading your column about credit cards for people with excellent credit, I contacted Citibank regarding their card you recommended.

Unfortunately, Citibank’s credit card application would only allow one to list an income of $99,000 while I have an income of over $1 Mil. DUH!

Why don’t you write a column for people do actually have “excellent credit”?

KeithApril 29, 2014

This piece should be marked with huge red flags, rather than simply disclosing in tiny print “This site may be compensated through the credit card issuers’ Affiliate Program.” By touting cards with no credit on balance transfers for a limited time, it implies that carrying credit card balances and managing them as the author suggests is sound financial management. Nothing could be farther from the truth.

Persons carrying credit card debt should be doing everything in their power to pay that debt down as soon as humanly responsible. Any other course is gross financial mismanagement, and this article is completely irresponsible and unethical.

JCApril 28, 2014

You would have more credibility with me if you went on to explain some of the caveats of these credit cards eg. some require a minimum spending per month, some require signing in every month for the “deals”, etc. If they really where sincere in wanting to help their clients, they would not make it difficult to obtain the reward. How many times have I missed my Discover discount because i failed to sign in on time !

jim migutApril 24, 2014

I got out of credit card hell in 2001. since then i have no credit cards and a credit score of 808. i plan to never have a credit card again. not even for emergencies. if i cannot pay cash i won’t buy it.

Jeff ReichApril 23, 2014

Why do people think you can only “over-spend” with credit cards but not cash? Irresponsible people will spend every dime of their cash income leaving them short for bills, food and emergency money. Irresponsible people will also spend on credit cards in excess of what they can afford. What is the difference? And…, if credit card companies give irresponsible people credit (which they do), the banks take the loss – as they should for poor decisions.

giorgio jorgeApril 22, 2014

I find the comments to this “FLUFF-PIECE” article for the credit card business rather amusing. Most of the commenters know that credit cards are a convenient scam to easily extract cash from people that use them. None are fooled. But, in the final analysis, we are all fooled. We still use them. It’s the American Way to be financially over your head and ruined.

James AdamsApril 17, 2014

Tim. There are plenty of people that can afford their credit cards (delinquency is on the order of 1-2%). Those that can are able to benefit from the competition by strategically gaining the most free points/rewards. Don’t act like the problem is greater than it is, Chief.

tucsonApril 16, 2014

credit cards are for short term loans , people like tim think they are for living on , pay as you go and credit cards will work in your favor , i have 5 cash back cards use them every month pay them off every month , each pays a max of $250 cash back a year most have a service fee of 35-45 per year but you can still make a profit if you play the game right .

DonApril 16, 2014

I use my credit cards/debit cards for just about everything. I pay no annual fees and I pay off the balances every month. This has earned me many a free airline trip to points across the US. Want to get away? Businesses consider the bank fees as a part of doing business (as I do with my business) and adjust to them accordingly. If you don’t want to use credit cards, fine. Those who do should pay off the balance every month to keep from going over their heads.
By the way, RB, you are also an idiot.

DMApril 16, 2014

Tim,

You’re an absolute idiot.

Don’t use a credit card and please shut up.

Thanks.

DMApril 16, 2014

Tim,

You’re an absolute idiot.

Don’t use a credit card and please shut up.

Thanks.

farmgirlApril 15, 2014

My Dad had a strawberry farm and made his profit selling U-pick to the public. They only paid by cash and did all the work of harvesting. It wasn’t uncommon to make over $30,000 in one week during berry season back in 1965. The only dealings we had with the bank was depositing the money.

MeApril 15, 2014

1.) Don’t use if you cannot pay off each month
2.)Don’t buy what ya don’t need
3.)Call these jokers and demand a more competitive interest rate (3-6%)
4.)If they won’t comply…LOSE THEM!

ConvincedApril 15, 2014

Good article… Thanks for sharing

MRApril 15, 2014

As noted, these cards are for people with excellent credit and take personal responsibility for their actions. Enough with blaming the banks. They are a resource for people to us and of course they do not have your best interest in mind. They are in it to make money just as you are in it to save money.

RbApril 14, 2014

I meant to say, the government would NOT know everything about how
we spend our hard earned money. They want to take away as much
as they can and give it to “food stamps” and illegal people so they can
get more votes for the Dems!

RbApril 14, 2014

We would all be much better off if we paid cash for everything and then
the government would be so knowing about our business. Isn’t that
enough to stop using them?

SigelApril 13, 2014

How is dealing with a slimy bank like Chase or Bank of America any better with “perfect credit”? They’ll still going to screw you no matter what your credit is like.

ChrisApril 11, 2014

“You will never get anything free from financial institution. End of story.”

I’ve used my credit card for three years and never paid a dime in fees or interest. It’s convenient and has made me about $500 a year in cash back bonus. So, not really end of story.

Merchants pay for credit card acceptance not because banks are forcing their way in but because consumers demand the convenience.

Mark HerbApril 11, 2014

You will never get anything free from financial institution. End of story.

MatandaApril 8, 2014

Their interest too high. It is a trap to get you hooked on them.

JohnApril 8, 2014

I am a retailer and am fed up with credit card companies and their endless fees. They are causing inflation every time they offer points. No one wins except for the credit companies. On top of that, I am expected to purchase security for my point of sale terminals. That is ridiculous. I have far less resources to provide optimal security than the billions that are earned through credit card transaction fees. Visa, MC, Amex and Discover ought to be responsible for providing state of the art security for their transactions. They make more than enough profit!
Better yet, consumers, STOP using credit cards and pay with cash. You’ll end up saving money.

XtianApril 6, 2014

Reading comments is fun! Not sure if any commenters are business owners but people who own businesses will understand that there are fees associated with accepting payments of all types. Businesses who accept only cash pay fees to handle that cash and fees to deposit that cash because it takes labor to deal with the cash at the bank. It nice that people think if they don’t accept cards for payment then they don’t have to pay the card fee but that doesn’t mean they have a fee-free business. Many businesses also do not want the hassle of dealing with loads of cash on hand. It’s dangerous and cumbersome and ripe for the pickens. While business owners should have more room to negotiate their fee structures it is not unreasonable for the bank or the merchant provider to earn a fee for the service they provide JUST LIKE the business earns a fee for the service or goods they provide.

williamApril 4, 2014

a bank and a credit card company are not the same.. they are totally seperate, they hate each other

neverfinishedcollegeApril 2, 2014

I just wanted to say how sorry I feel for Tim and some of the others. I know that all of the cash back rewards I am getting (onacounta I don’t carry a balance) is being stolen from them at 21.75% interest. I feel terrible.

Bob RatclifffApril 2, 2014

As a user of two cards on your list, I’d call these credit cards one the biggest winners out there for the average guy who takes care of his money and his credit score. These cash back deals are AMAZING! To think B of A actually paid me in real cash nearly the amount I pay annually for our car insurance is proof this is REAL money. Better yet, I know 7/24 exactly how much I’m spending and on what. I’d be lost without these credit cards but I never owe more on credit than I can pay off tomorrow. Buying less was my way path for a LOT less stress yet thanks to these deals. Meanwhile I’ve never seen my money go further:)

HughApril 1, 2014

I have excellent credit and that’s why I’m not interested in a credit card. I do have a credit card from my local credit union that charges 8.9% interest IF I carry a balance, which I rarely do. And if there’s a problem, I pick up the phone and I’m talking to one of a couple dozen people, many of whom have known me for twenty years, know I’m not a crook and are eager to get things resolved.

morgan mundaneMarch 30, 2014

The Hook. The deal is a come on and will change after a year. The fee goes up and the miles go away. They figure most people are too lazy to give the card up.

Al FrescoMarch 30, 2014

Many years ago we got tired of paying on a balance, paid it off and never looked back. Now I use my card like a debit. I write any charged amount in my checkbook deduct the amount, add it back at end of the month and pay in full. Interest rates mean nothing to me, its what’s the deal. Be cautious my friends, one year its a deal the next it aint: AM Ex just went from 150 to 195 per year no additional bennies.

BJMarch 26, 2014

My credit score has always been very high. A certain credit card (has a number in its name) offered me a 0 percent transfer opportunity. I had a very large credit line with them and I maxed it to make the transfer. I was working to pay the balance quickly, and I always paid more than the minimum. One month, I made a payment at the first and last of the same month. I was more than shocked to see that my 0 interest rate jumped to 27.99 percent the following month, because they said I “missed” a payment. I talked with them several times–working my way up through supervisors and managers, but they would not budge off that 27.99 percent gouge. I got a loan from a bank, paid the balance, and cut up their card. Customer Service is not in a credit card company’s vocabulary.

LarryMarch 26, 2014

The reality is that credit cards are like casino chips. People would bet a lot less if they had to put cash on the blackjack table. But those colored chips desensitize your normally rational mind and you find yourself betting more. Similarly, fewer things would be purchased if cash were required. The credit card allows you the freedom (even subliminally) to pull that purchase trigger. Having said that, and despite all the admonitions to postpone purchases until you can afford to pay cash—or pay the card off the next month—I would rather buy the new TV on credit and pay over time, even though the interest is substantial, rather than wait a year and save up to pay with cash. There is a significant value in being able to enjoy that product earlier. You have to weigh that value in light of its extra cost. I’m happy to pay it.

Tom-baMarch 23, 2014

There is one over-riding reason a merchant accepts a credit card. BUSINESS! It has been proven that a consumer will spend more if they pay with a credit card than if they pay with cash. If the consumer has to pay with cash, not only will they spend less, there is a good chance they will not purchase the product at all. So, a merchant should determine how much more sales they do with a credit card than they do with cash and determine if accepting credit cards is a good business decision, or not.

thrifty oldsterMarch 20, 2014

for Oberon cited December 25, 2013
Late apologies for keeping you waiting while I counted my pennies and nickels for my $23.17 item at Target—but I know you’ll be happy to know that I was NOT affected by credit card fraud at Target during the Christmas Season. If you had just spoken up sonny…I would have been happy for you to go ahead of me. Thanks for waiting for a little old lady!

thrifty oldsterMarch 20, 2014

for Oberon cited December 25, 2013
Late apologies for keeping you waiting while I counted my pennies and nickels for my $23.17 item at Target—but I know you’ll be happy to know that I was NOT affected by credit card fraud at Target during the Christmas Season. If you had just spoken up sonny…I would have been happy for you to go ahead of me. Thanks for waiting for a little old lady!

BernmeisterMarch 19, 2014

DAVE RAMSEY SAYS: “PAY CASH FOR ALL PURCHASES”. SAVE UP ENOUGH TO PAY IT IN CASH! THE HIGHER THE FICO SCORE, THE MORE INDEBTED YOU ARE TO THE CREDIT CARD COMPANIES. THESE COMPANIES CONTROL YOU! THEY MAY EVEN OWN SOME OF YOU!

jimMarch 19, 2014

Banks bought congress and the presidency during Clinton, and the result was the worst economy since the great depression. No amount of educating yourself was going to stop that train.

DixieMarch 18, 2014

Years ago I joined a credit union and have never regreted it. The ownership and control are local. They are nonprofit and they recognize other credit unions so there are no issues if I am out of town.
think about this!

TomMarch 13, 2014

Complaining about credit card fees vs. benefits reminds me of a long time ago, when stores offered S&H Green Stamps (I’m going back to the 60’s now). Some people saw it as a scam and refused to accept the stamps. What they failed to understand is that by shoping in those stores they have already paid for the stamps. The same is true here. You might as well enjoy the perks. You’ve already paid for them!

JoeMarch 10, 2014

Why is it that Kroger requires one to use a credit card? Otherwise, you pay more!

Chad MonroeMarch 9, 2014

Have you tried to rent a car or book a room without plastic? If you can not afford to pay for it (monthly) do not buy it. Save up for it. Live in the present, not the future.

WandaMarch 6, 2014

The problem is not the credit card – I use my United MileagePlus for everything and PAY THE CARD IN FULL AT THE END OF EACH MONTH. I earn the miles and DO NOT PAY ANY INTEREST.

ec onMarch 5, 2014

How’s the anti-bank poster doing with paying by Bitcoins lately? Hope his salary was paid in them as well, deposited in Mt. Gox.

ChrisMarch 3, 2014

The Chase Sapphire Preferred is probably the best travel card of the bunch, since they have about ten transfer partners you can transfer the points to, such as British Airways, United, Southwest, Hyatt and Marriott. For cash back, you can’t beat the 6% cash back on groceries with the Amex Blue Cash Preferred. Even with the $6,000 a year cap for the 6% on groceries, you can really haul in the cash back. Plus the unlimited 3% cash back on department stores and gas is great too.
Also, I wouldn’t say the Chase Slate is for those with excellent credit – those with good credit can obtain this one too.

JenaFebruary 24, 2014

For me I think is it reasonable for credit cards companies to charge people small amount of fee because we use their money in the first place its like their loaning us and you have the option not to get charged interest if you pay it off within a month. :)

SouthAustinFebruary 20, 2014

Tim is absolutely right. I have a rewards card but there is a store which is a combination liqour store and deli that has great food and a wide selection of wines and spirits that I go to fairly often. You pay 5% less with cash or debit and I’ve notice that you almost never see anyone say “credit” at the register. When merchants don’t hide the true cost of accepting credit cards from their customers it’s a totally different ballgame.

WAYNEFebruary 20, 2014

I agree with J Smooth from December 22th. Use the credit card companies. I have a Visa and American Express card with no annual fees. I charge everything I can because I pay off my cards in full every month. Right now combined I have $1800 in free money for my next good vacation. I also have a General Motors Master Card that I was able to take an extra $3500 off my final best price on my 2012 Malibu last year from points a saved up from the last 7 years. Can you beat that? Point your thoughts on our government from stealing us blind and we really don’t have a voice anymore. Just ask President Obama. He said if Congress doesn’t agree with him he will use his Executive Power to do what he wants. Unless you like Socialism.

FrankFebruary 18, 2014

Merchants want one to use debit as a means to pay but are seldom willing to give any discount for doing so. Why should I help them make more money for nothing in return?

CharlieFebruary 17, 2014

PS: We have American Express gold and platinum cards and no longer use them as the Capital One card provides better points/benefits.

CharlieFebruary 17, 2014

All of the banter is interesting BUT we have had a Capital One Venture card that provides double points for each dollar spent, regardless of the category, day of the week, full or half moon, etc. These other cards that provide different points for different uses are a waste of time which I have no extra supply of. The Capital One points can be used to pay off ANY charge on your Capital One statement…..groceries, travel, gas, toys….whatever. No blackout dates, etc. No card beats that! And no I don’t work for or hold Capital One stock.

TiFebruary 17, 2014

If you have excellent credit you would own an American Express card. Plain and simple.

ShermanFebruary 17, 2014

The reward of Bank of America Cash Rewards credit card is very difficult to claim. We spent months exploring and haven’t been able to make the claim. You may want to double check before making the recommendation.

rapidteckFebruary 12, 2014

I run a small business we repair, upgrade, advise, and install computers networks etc for small businesses and residential customers primarily. In general we accept cash, credit, or debit cards as well. However; we also charge about 50 percent of what all bigbox providers charge, we work out of one location, and if you use a card both tax and a fee are charged automatically.

The customer is advised of this prior to and at time of purchase so if they want to use this convenience they knowingly pay for it 100%. The thing here is if you use the big business you pay considerably more, the technician/engineers know less in general, and are also required to use a corporate pricing scheme that truly rips the customer off and does almost nothing for them. Just to let you know about a quarter of my repairs that are caused by a third party are when people thought they were going to an establishment where there BUY would be the BEST. Little did they know the geeks that work there (that know what they’re told to know) versus the geeks that work here (that know what they know personally ) are a much better bet for the best buy, plus any company that makes any component provides a warranty. The place where you think your Buy is going to be the Best uses these warranties as well they just do not tell you they do and they have stock to offset it. So they change out your part and then do a bulk return from all their stores quarterly and long after the fact where you paid them roughly 400% what that part cost them for it’s replacement then there reimbursed through company to company credits.

I also use credit and debit cards but on my credit cards that balance is paid 100% every month on all 3 and I pay no interest but get the benefits of coverage if there is an issue or return situation and get my points on each of them.

I also use debit so I do not have any payment due on things like groceries. On my debits the transactions come straight out of my account (I have 2 debits 1 for personal and 1 for business) and then 3 credit cards, 1 with my personal credit union and then a Chase platinum visa and one platinum discover, I will also be getting a platinum mastercard soon and maybe a American Express affiliated with COSTCO, I get all my gas if possible at COSTCO (which is generally 3 cents to 11 cents cheaper per gallon than anywhere else( SAM’S and BJ’s Wholesale do this as well).

My reasoning for these other cards are simple I will receive further discounts at COSTCO through exclusive points these cards offer only on purchases there giving me more back on my gas as well as quantity items I buy for home and business through them. With the Mastercard I will have one from each Major credit card system’s thereby further raising my credit.

The other thing on my credit cards I use each for a small purchase each month and if I am buying anything (such as the Vacuum I just bought and had to return) if I think in any way there could be a return or a rental car hotel room etc (something it would cover me on if the need arises), I also as many on here have said do not buy it if I cannot cover it and when I get home from doing so I send the payment in electronically through my credit union.

I also have used my credit union for most of my adult life (I am 43 so 20 years pretty much I did use Bank of America for 3 years) and they have offered online (9 years) or over the phone account management/confirmation etc. With no fee for it the whole time. Whereas Bank of America, Chase etc and all the other banks offer it now for a “Minimal” fee (no fee is minimal as it is still a fee), I pay my credit card charges when I get home with that purchase or I do not purchase it unless it is a very special item which I pay off in three payments 1/3rd upon arriving home (this has never happened but would be my plan if it did).

@CJ dude you are smart. And down to the electric companies who charge the merchant for electricity! Down to the greedy landlords that charge merchants rent! Down to the city for charging merchants for water! If merchants weren’t charged these things they could make more money! CJ you are so smart!

NeoFebruary 11, 2014

You mad bro?

CJFebruary 10, 2014

What? You people keep mixing different points. Bank don’t give you money back on your purchase from their own money. They charge the business the higher amount. If your bank is touting the new card giving you 4% back! it is not giving the 4% from their profits. It just charges the merchant higher rate plus swipe fees. They make their money regardless. It is the merchant who can’t even distinguish between higher charging card that ends up paying for your rebate.
This profit made by banks is seperate from profit they make by charge for carrying a balance. It doesn’t matter if you carry balance or not. Doesn’t matter if you payoff your bill each month. It makes me mad just reading posts after posts from people comparing paying off their monthly bill vs credit card company making profit both ways . It is just the lowly merchant who can’t win with tiny margins to start with. Then you arrogant people who wouldn’t do business with merchant who dare to charge for extra cost [credit cards can impose these coats without notice] complain about someone willing bring the issue forward.
For all those who think it is ok for credit card companies to make Hugh profit as long as it legal:WAKE THE HELL UP. Do you even know that any bank. For ex Bank of America. Who’s new card 321 being adversited on TV lately is such a card. So you think that B O A is paying those percentages. No. It is the merchant. Do you even know the merchant can’t refuse those cards. It is in contract. When the merchant sign a contract they tell them oh your rate is going to be 2% with 20 cent per swipe. But the customers who wants cash rebate come and swipes the B O A at the restaurant for example, the restaurant is on the hook for that 3% plus the swipe.
You arrogant people don’t even realize that if you have bad credit merchant gets to pay higher swipe rate. It is call mid qualified. There is nonqualified transactions also. That is even higher cost the Merchant.
All you idiots who keep saying I pay my bill and make my money. It is not coming from the bank. It is coming from the merchant. It doesn’t matter if you carry balance or not. If you do carry balance then they make 27% on top of all these profits. Got it. Shut up

NeoFebruary 10, 2014

I’ve made 1400$ in 9 months tax free signing up for and meeting the minimum spend on about 7 credit cards. I pay off my cards online weekly. I’m basically paying 20% less for everything and only buy what I need (food, ,gas, car insurance, etc) there are tons of credit card offers that provide 20% bonus so why dilly dally with 5% cash back. If I won’t meet the minimum I buy gift cards for food on discount gift card websites making my meals a total of 30% off. I am Neo in the credit card Matrix.

JimFebruary 9, 2014

We have used credit cards exclusively for 30 years Never paid a dime in interest nor fees . As noted in the introduction to this article these cards are for the people that have good credit, no the ones that wish the did. Over the years we have received thousands of dollars in cash , good or services

EdFebruary 7, 2014

I almost exclusively use my Amex Plantinum Card, why because Amex service to customers is the best. I pay my bill every month, no interest, no late fees. If there is an issue with a purchase they are always there to help. Yearly fee, $450, so what!

joeFebruary 6, 2014

The original point is well made. In short the cost of these fee’s and the rewards they generate for a segment of the consumer market is spread over the entire market. The cost associated with the use of credit and debit cards is not paid in full by the user, but rather by the entire population, and this is inherently unfair. In many countries every store has two prices listed. One for credit and one for cash. This puts the financial burden of using the cards on the person who actually uses it. This is a much fairer practice as it allows those that are willing to pay more for convenience to do so, without forcing everyone else to pay a part of the cost of services rendered to a stranger.

Paul S.February 5, 2014

If you can’t pay cash for it, you don’t really need it!

TonyFebruary 4, 2014

Credit cards are useful if they are used like a check book and all bills covered at the end of the month. But it is interesting to think that the people who wrote that these cards provide money back or double miles are not really taken out of you own spending. Now if you pay for gas with a credit card a stations charges you more than the 3% to use it. If the rebates keep going up, most stores who are charged those fees will need to increase their prices to cover the cost or start to price thing in their store “Cash Price – Credit card price! Simple there is no free lunch!

GerardFebruary 3, 2014

The part of the whole mess that I don’t like is that much of our economy is based on consumer debt. Those banks are loaning money at a markup of sometimes 1,500 %. They borrow money at about 2% and loan to us at 25% and we are banging the doors down to get it. That’s outrageous. No other product in the world that I can think of is marked up like that. Even illicit drugs don’t have that kind of markup. I don’t like when a restaurant marks up a bottle of wine more than 200%. At 250% I won’t buy it. And yet my credit card at 9.9% fixed is a great deal.

It all makes me wonder where it ends. The U.S. as a whole owes roughly 870 BILLION dollars in credit card debt. Divide that by the population of 300,000,000 and you have an average credit card debt of $2750 for every man, woman, AND CHILD. At 3.5 people per household, it’s $9600 per household. Unsecured debt.

I believe if this great country ever falls, it will be an economic collapse. That’s where we are most vulnerable.

EphFebruary 3, 2014

I received a Platinum American Express card from Fidelity with no annual fee and 2% back on all purchases. This has served me well over the years and I have never carried a balance, so I have no idea what the APR is. The catch is that you need a Fidelity Brokerage account, which I opened with $10. The cash back for the month is deposited into the Fidelity account. The day it is deposited, I electronically transfer it to my credit union checking account. At times the monthly cash back has been over $450. It is probably too good to last.

Previously I had a Platinum Visa from Schwab with the same conditions, but Schwab ended it and is now using the one mentioned above with 1% back on everything, 2% gas, etc. I don’t use it because it is easier with the Amex, unless someone doesn’t take Amex.

TomFebruary 3, 2014

On the surface these offers look great. It’s like a wet spot in the sand in the vast desert. You’ve been walking for so long in the heat you’re thirsty and upon gazing at the wet spot you think there is water there. Only to find it was only camel piss. Same with these card offers; just camel piss.

KeithFebruary 3, 2014

Wow. Some crazy posts here.

If you have a credit card, you should only use it if you can pay off the bull every month. If you cannot do that, don’t have one, or limit your usage.

As for the CC fees… credit cards are the 21st century. When was the last time you saw someone write out a check at the checkout line? True, businesses jack up their prices to cover the 2% in fees, but they do that REGARDLESS of whether or not you pay by cash, credit, or check; because they EXPECT most people to pay by credit, because they do.

I know a few restaurants that will give a discount if you pay by cash, but only if you ASK. Otherwise, they still charge full price.

KeithFebruary 3, 2014

Wow. Some crazy posts here.

If you have a credit card, you should only use it if you can pay off the bull every month. If you cannot do that, don’t have one, or limit your usage.

As for the CC fees… credit cards are the 21st century. When was the last time you saw someone write out a check at the checkout line? True, businesses jack up their prices to cover the 2% in fees, but they do that REGARDLESS of whether or not you pay by cash, credit, or check; because they EXPECT most people to pay by credit, because they do.

I know a few restaurants that will give a discount if you pay by cash, but only if you ASK. Otherwise, they still charge full price.

rickJanuary 31, 2014

Tim,

You articulated it very well.
All other commenters who don’t keep a balance: Tim’s point is not about that at all! It is all about the fees that are charged to the businesses at the *transaction* point, regardless of when you decide to pay your balance of your credit card to the bank. The math is simple. The bank charges the business say 2%, and give you back 1%. The business has to mark up its merchandise/service by 2%. So, we end up paying 102% and get back 1% – still paying 1% extra for the merchandise or service AFTER getting back the 1% several months later.

In our economy, one way or another the banks are involved in every transaction we make. However, their fees charged for credit card purchases are WAY more than their other fees.

rickJanuary 31, 2014

Tim,

You articulated it very well.
All other commenters who don’t keep a balance: Tim’s point is not about that at all! It is all about the fees that are charged to the businesses at the *transaction* point, regardless of when you decide to pay your balance of your credit card to the bank. The math is simple. The bank charges the business say 2%, and give you back 1%. The business has to mark up its merchandise/service by 2%. So, we end up paying 102% and get back 1% – still paying 1% extra for the merchandise or service AFTER getting back the 1% several months later.

In our economy, one way or another the banks are involved in every transaction we make. However, their fees charged for credit card purchases are WAY more than their other fees.

Paul WJanuary 31, 2014

I have a credit card that I use to pay most of my bills every month, and I get 2% rewards on it. It’s enough to get me a round-trip ticket to the city I visit every year, and I always pay it off immediately and haven’t paid any interest on it in years.

Incidentally, if you don’t own a house your credit rating can only go so high no matter how responsible you are. I’m a renter and despite using my cards regularly and paying my balances immediately all the time, my rating has never been higher than 757. It usually fluctuates between 730 and 757, depending on my activity.

TrustmeJanuary 30, 2014

Wife I have two cards for auto fuel, repairs, food, monthly overhead, etc that are paid off each month. The two cards repay over $200 cash per year and one accumulates cash to be applied to hotel/travel purchases.
We will use a 3rd card – Citi 18 month APR in place of a heating oil budget plan. Buy 500 + gallons at lowest cost during summer. Then we’ll pay off before next fuillup less than year. We feel the low price plus avoiding a oil delivery budget cost saves up to 200 a year. It is important to pay on this card each month remembering when the Zero apr expires and never use the cash advance feature on any card.

baseballfan46January 30, 2014

I always pay my cc off when the time comes. At one time I had a balance over 1000.00 so I called and asked if my interest rate could be lowered and it was, to 9.99 A great rate if I say so myself.
Not only do I get cash back I dont have an annual fee.
I can choose to get a deposit into my checking, or a credit on my balance or gift cards.
I’ve done all 3 .
I am going to try to wait till the end of the year to see what the total will be. Maybe it will be enough to buy a TV for my guest room.
I have 2 cc and they both have great features.

PhilJanuary 29, 2014

I am retired I have a home that is paid for and 5 credit cards. I am comfortable but far from rich. I use all of the cards and they are all paid in full every month,. The last time I looked at my credit report my FICO score was 810. I don’t pay any fees . Credit and credit cards are not bad. Banks are not evil. There seem to be a lot of uneducated people out there, many of the posting right here who feelm that you should not have to repay your debts and that somehow the bank asking you to do so just makes them “greedy.”

OttergirlJanuary 29, 2014

Well, if you don’t like credit cards, don’t apply for any. Then you won’t have to worry about fees. But let’s remember – banks are a business and nobody goes into business to lose money. The federal government regulates banks to death – and to pay for all of the monitoring of controls, audits and the business of making sure that they comply with all the regulations, they have to charge fees. So…if you don’t want to pay fees – stick your money in a mattress and pay all your bills in cash!

C Michael CrostonJanuary 28, 2014

Well! This is the longest damn thread I’ve ever seen for basically an ad for credit cards. It could be said that the participation in this thread is feeding the frenzy of greed, somehow…somewhere… . Nonetheless, the small exchange fees banks make have been whittled down by the Gubment. They still make the big money pushing CDO’s, carry trades, and libor, chibor, and buymore. Feel comfy carrying cash? Walk around with a pocket full of $100 bills next time you look for a TV. If you lose it or somebody takes it, it’s gone, brother. Unless you still trust checks (Ha!). We pay for safety and security. WE ALSO pay for the deadbeats than run up bills and never plan on paying them…

RMJanuary 28, 2014

Credit cards are part of the massive problem with America..It has put us in debt along with the taxes in every thing we use ,,telephone,water, user so called fees on everything ,, the progressive NIGHTMARE of ways to tax and get away with it.. Banks in America need to be investigated for crony capitalists involving the progressive politician..we also need the progressive politician removed for ALL parts of government INCLUDING judges..Credit cards were introduced to a nation that USED to save and buy when they had enough money . credit cards help put Americans in debt so deep that progressives created away to step in and help a person out when they just cant afford it all..Its called welfare..just a tool to enslave created by the progressive..our money is worthless , we dont make anything , we are a service oriented country ,and now we have a progressive communist making jobs up in government so the poor can work for the government ..guess what happens when they have enough working for the government?…think any will vote in a person who wants to cut government? see where we are headed with the help of credit cards?..government ..the helping hand MY ass…So credit cards are PART of the problem taking down america. get rid of them

DonJanuary 27, 2014

These are the 5 greatest cards. They are issued by the best of the best banks. I personally carry all 5 of them and couldn’t imagine how it could be any better. I want to personally Thank the banks of the United States of America.

I cannot believe the number of people who are spelling challenged, even to the point of making their observations impossible to understand.

rickyJanuary 24, 2014

NEVER EVER EVER REVOLVE USE DIVIDEND CARDS TO THEIR FULL EXTENT AND HAVE RESTRAINT ITS NOT FREE MONEY IF YOU PAY INTEREST OF ANY KIND!!!!!!!!

frannieJanuary 23, 2014

so, for those of who pay our balances in full every month and don’t travel, none of these cards are for us because frankly, I won’t pay fees for having the card either…

DannyJanuary 22, 2014

As a small business owner and a consumer I agree and disagree. You cannot just add 2.75% to cover card fees and to t0 put that into perspective 2.75% of a million is $27,500 profit you lose as a business owner. This is why as a service company we do not accept credit cards unless customer pays the 2.75% fee we are charged. A million in sales is not profit.
As a consumer I use my card for cash back . I get 2% back and charge all business purchases on it. This equates to up to $10,000 a year. I understand both sides but feel you should never use a credit card if you do not have the money to pay it off EVERY month in full

KBJanuary 21, 2014

I have a Sapphire and it’s really nice. We never carry a balance. Sure, there is an annual fee but for every $100 I charge, I get $10 back. And no, we don’t freely spend; we watch our spending.

ron waiteJanuary 19, 2014

I read all these postings and the thing I remember from my youth is that credit cards were started for a specific reason—to obtain money from the holder. Point and cash back are just the carrots in front of you. The large merchants do not absorb costs they pass them on to you so you are paying a double whammy of the interest rate and the added merchants costs including the fraudulent target charges, save us from our enemies–they are us.

TedJanuary 17, 2014

Tim, up above at the top, please sell all of your earthly belongings and give the cash to the poor. Do that, and I, in turn, will not use credit cards that are in my own financial interest. Seriously though, I appreciate your altruism; but it is, after all, off topic. As it is, by paying off the balance (religiously) on my rebate cards every month, I get free use of the money for the billing period, and I earn a percentage of every purchase.

Mederic RobertsJanuary 16, 2014

After recent news reports about cyber theft such as the recent issue with Target stores we have decided to minimize our credit card use. We pay cash at eateries and write checks when possible. We still have credit cards and use them when we have no other option but until credit cards become much safer we minimize their use. I have only 2 in my wallet and my wife only uses one. We have been hacked 3 times and been made whole by our card issuer each time but still we are convinced credit cards are dangerous.

Credit Cards are good but only for those who know how to manage their expenses. By this I mean using the card(s) only to the point where you will pay it/them off when the bill comes in. Carrying a balance is for suckers. What ever you purchased, regardless if it was a great deal or not, you just increased the rice by the interest charged by your card company. If you cannot pay it off do not use it.

CarlJanuary 16, 2014

I don’t like carrying around a wad of cash in my pocket increasing the chance of being robbed at the least.

KaleJanuary 15, 2014

The best credit card is one that is cut up into little tiny pieces and thrown in the trash. Live without debt. Yes, it is possible. Studies have proven that you make the more impulsive purchases when using a credit card, somewhat fewer when using a debit card, and the least when paying cash.

Credit scores are simply another scam by the banking industry. I no longer worry about my credit score because I have no intentions of ever borrowing money again.

Benjamin Franklin said, “The borrower is slave to the lender.” So true.

Nicole Kim The BloggerJanuary 13, 2014

Believing for Super natural debt cancellation. All things are possible for believers.

Bob L. HeadJanuary 12, 2014

The BOTTOM LINE here is education, starting as young as possible. Far too many people do NOT know how to create a budget, much less live within one. Too many people follow the lead of our Federal, State & local governments by not living within a budget.
The interest rate charged by banks on credit cards, is the choice of the consumer to pay or not to pay. Debit cards should only be used at the issuing bank. Otherwise, leave them at home because if you happen to drop it on the ground & a dishonest person finds it, they will use it as fast as possible draining your account & if you have overdraft protection they will continue until no longer accepted. How often does a cashier ask you for ID when swiping a card?
Credit unions, along with local Mutual banks & S&L’s (which are owned by the depositors, YOU) is the place to keep your money. This was mentioned earlier by a long time banker. They usually pay a higher rate on your depository accounts, while offering lower interest rate loans & credit cards & do not increase the rate if you a payment.

Someone mentioned paying 25%+ on a Chase Slate, all they need to do is make 6 months of prompt payments & the rate will be lowered. They forgot to mention the high rate was due to late payment(s). My Chase Slate rate is 7.99%, but I am what is known in the banking industry as a “deadbeat”. This isn’t from non-payment but for paying off the balance the day I receive the bill, so they make NO money from me. I own stock in several major banks, so I am a “greedy” banker & believe any American based publically traded corporation should have a zero tax rate, because I am not so stupid as to think any expenses are not passed along to the consumers. My Grand father told me, upon graduating college & starting a job with General Electric Credit Corporation to “pay myself 1st, especially when the company offers matching savings”. That is FREE money & because it is automatically withdrawn from my pay before I deposit in the bank, I never missed it. Add to that dividend reinvestment & you can build a very nice nest egg. I did the same when I went to work at Westinghouse Credit Corporation & Fleet Bank. Upon starting my own commercial financial consulting firm, I set-up a SEP program which allowed me to stash up to 20% of my annual income “Tax Free”. I retired 2 years ago at 55. My wife retired earlier this year at 62 obtaining pensions from General Electric & International Paper. Along with an annuity. We are covered under her insurance from IP & in addition to the pensions & annuities, we obtain monthly dividends, bond & savings interest. We live very comfortably, but not extravagant. I often ask retailers if they offer discount for cash & the small business mentioned above, quite often offer discounts for cash. AARP membership for anyone over 50 is a “must have”, as discounts, offers & access to free financial planning & calculators is well worth the small fee.

I have several credit cards. one was used for my business expenses only, one is used for any medical expenses & the rewards card is used for large purchases & travel. I did this for easier tax reporting & budgeting. Anymore, a credit card is necessary for airline, hotel, rental car & travel. Early in my career & buying our 1st home having a credit card for emergencies, helped preserve savings. The key is knowing what is a true emergency, like a new hot water heater or auto repair, not replacing a working cell phone because Apple came out with a new iPhone. Never buy new technology (unless you can pay for it), especially if the item is replacing a working item.
Credit cards, offer charge dispute, free extended warranties, returns, travel insurance, ZERO liability on unauthorized charges, even Citi offers a 60 day “rewind” offer which when you go buy a new TV or other item, you simply register the purchase with them & if they find the product within the next 60 days at a price $25 to $250 lower, they send me a check. NONE of my credit cards have an annual fee.
Several years ago the credit cards offered 0% cash, without today’s 3% to 5% transaction fee. I used that free money to invest. Paying the balance off BEFORE any interest fee’s started. Wake-up people, you are responsible for your own finances. If you are simply overwhelmed by the time & effort to budget & save, then there are many free resources to help you. Pull you own Credit report for free, requesting one from each of the major 3 reporting agencies, every 4 months & correct any incorrect information. Don’t waste money paying for credit reports or identity theft protection, unless you can afford it & do not have the time or inclination to monitor your own credit.
Set-up alerts on your bank, credit union, debit cards & credit cards, alerting you to charges made to these accounts. If nothing else go over your bank & credit card statements upon receipt & question any charges you did not make as soon as possible to avoid any potential liability. If you are living pay check to pay check, making minimum monthly payments, then you must reign in your spending. Start by keeping track of every daily expense. You’ll be amazed at the “leakage” that occurs on a monthly basis. If you expect Social Security & Medicare to “bail” you out, you will find a rude awakening. In the long run material “things” will not make you any happier.
P. T. Branum said over 100 years ago that “There is a sucker born every minute”, given population growth it is now every nanosecond. Quit blaming greedy bankers, inept politicians & the “1%ter’s and take control over those things you can & take “personal responsibility” for your finances. Because complaining about these things on a blog doesn’t change anything.
Money can be one of the hardest things to get, but it certainly is the easiest to give away, especially if you do not pay attention. If your bank charges fee’s for depositing or withdrawing YOUR money, find a different bank, immediately!
Finally, I am not so cold hearted or naïve, that there is a portion of our population which due to things beyond their control, like medical issues or not allowed access to opportunities of education or obtaining gainful employment and am not opposed to audited government help via my taxes. We should all feel some responsibility to help those who are sincerely trying to help themselves, including those brave people who have worn the uniform of our armed services & protected the freedoms we enjoy.
As far as “greedy” bankers & how they created the current recession, people forget the speculators who got rich “flipping houses”, Regan’s deregulation of Bank & Insurance companies, unscrupulous Mortgage brokers who took advantage of uneducated public, the uneducated public, mortgage securitization, including the rating agencies, accountants, attorney’s, Investment bankers & the media, which loves to “sell fear”.
We spend far too much time looking for someone to blame, instead of fixing problems. Just like the postings. If you have a problem with “greedy” bankers or credit cards don’t use them. There are alternatives & the choice is YOURS.

Hill RadJanuary 12, 2014

CC’s have save my arse more than once.

Tom AJanuary 11, 2014

As a self-made millionaire who lost it all, I believe I’m qualified to speak about “self-interest” (versus greed). We are all motivated by self-interest, but the key is showing deference to the self-interest of those that you “exchange” with (money for service, service for service, etc). Banks have shareholders they “report to”, and those shareholders invested (exchanged) for a return on their investment.

Banks exchange credit cards with consumers in return for annual fees, interest, or the ability to derive funds when the consumer exchanges their credit card “swipe” for an item. The merchant accepts immediate payment (convenience) in exchange for a fee from the bank.

In all instances above, there are different interests that have to be addressed and balanced. The “imposition” of one parties interest over another leads to an inbalance, and a desire to move towards equilibrium.

Overseeing all of these transactions as an independent (supposedly) arbiter, is our government. Evidence has shown time and time again, our politicians exploit their role as arbiters in order to get re-elected. As a “sucker” who lost it all , I’m confident I did not get the same relief the banks obtained as a result of my poor decisions. Shame on me for not being smarter, but shame on politicians using taxpayer money to bail out donors (banks/voters) who were just as stupid as I was in their decision making.

Banks are there to make money, and that includes the provision of credit cards. Call it greed if you like, but, if you have a job, then you are greedy – you’re just in an inferior position to that of the greedy bank. If the government bails out the bank, good for the bank and it’s shareholders – bad for us citizens!

GlennJanuary 10, 2014

I haven’t read all the posts, but I can tell you that even though I have excellent credit and take advantage of these kinds of specials – I’ve recently experienced the dark side of these dealings…

Recently my father in law passed away and I started to review the fianancials. Even though his credit wasn’t great, it wasn’t bad either. However, the interest rates the creditors were charging him were on the order of %25 annually. I now realize that while I’m getting the perks, the banks are making it up on the vulnerable. And after contacting the banks to see if the debt could be reduced, I was consistently met with – “he signed the papers – he knew what he was doing”. Well yes – that is true, but what choice did he have – go without food, let the house fall apart, let the car rot?

Yes – the banks are to blame. They have the money, and they will not give it away.

There is really something wrong with the banking business when they will pay us 0.5% on our savings accounts, and they will charge 25% on loans. Someone is getting rich – and it’s not me…

joeJanuary 10, 2014

I have the american express 2% cash back on all purchases. In the past two years i have collected over $1,000 cash for paying my bills. I run a zero balance, that is hard to do but we will go with out (football tickets, fine dining, some extras). So if you can disapline yourself there is free cash to be made.

KLPJanuary 8, 2014

Only one of these cards list the interest rate. I could care less about all the bells and whistles on a card I just want low interest in case I don’t pay it all off that month. I waited until I got two offers, one from USAA and one from my credit union and dumped the others- yes that means Chase, Citi and Bank of America. USAA and my credit union have low interest and it doesn’t vary.

DeniseJanuary 8, 2014

Worked in the banking for several years forced to QUIT could not continue to see people taken advantage of! Big banks set up the mortgage failure and fee’s charged Beware!

MountaincoreJanuary 8, 2014

Credit card not a good deal? Don’t get one.

MT MaloneyJanuary 8, 2014

TC: one more thing: The gas stations that offer cash discounts never beat a 1% cash back on a credit card, much less the 2% I now get. So I wonder if it really matters. I remember back in college in Baton Rouge, many vendors discounted for cash but they were always the junky places.

MT MaloneyJanuary 8, 2014

TC: I live in SC. Many gas stations offer discounts for cash, which often includes debit cards. At least one vendor I deal with, a small beer-brewing supplier, offers cash discount. I have seen comments like yours before. I wonder if this is state regulation.

TCJanuary 8, 2014

I find the vitriol thrown at banks in the comments to be puzzling. If the government didn’t disallow merchants the ability to offer discounts for cash, credit cards would not have anywhere near the market power or usefulness they have today. If merchants were allowed to offer 3% to 5% discounts for using cash the market share of credit cards would fall precipitously. For those feeling offended by this particular marketplace, you should look first to our politicians who insist on market meddling that inevitably produces winners and losers according to their judgement.

ResponsibleJanuary 8, 2014

Whenever you blame things on “the rich,” that is nothing more than the whiny politics of envy and bitterness. “The Rich” got that way by the time-tested way: spending less than they earn… being responsible with their money & choices….. staying in school so they can earn a job with an actual salary… and learning from things like books and other responsible people. People who don’t do that…. who wish to just have things handed to them … are the ones who blame everything on “the greedy rich.” I have two words for you: Grow up!! As Winston Churchill famously observed: “Show me a man who isn’t a liberal when he’s 20 yrs old, and I’ll show you a man with no heart. But show me a man who isn’t a conservative when he’s 40, and I’ll show you a man with no brain.”

JhnJanuary 7, 2014

waldia December 9, 2013
“banks make 500-700% profit on each transaction, …”
Really? How? I take payments by credit card, and I pay 3% on the transaction. unless the customer is going under balance, then there is no charge to them other than the charge I am making, my processor is making a swift 3% (which seems reasonable, arguably, but that is a separate conversation)
So how do you figure they are making 700% profit? If you spend $10 with me, I get $9.70, you have $10 leave your account. I just dont see how the bank is getting $70 from this.

JhnJanuary 7, 2014

waldia December 9, 2013
“banks make 500-700% profit on each transaction, …”
Really? How? I take payments by credit card, and I pay 3% on the transaction. unless the customer is going under balance, then there is no charge to them other than the charge I am making, my processor is making a swift 3% (which seems reasonable, arguably, but that is a separate conversation)
So how do you figure they are making 700% profit? If you spend $10 with me, I get $9.70, you have $10 leave your account. I just dont see how the bank is getting $70 from this.

locohoyaJanuary 7, 2014

Never mind the credit card offers. One way or another, they always try to rip us off. I stick mostly to cash transactions, using credit cards as little as possible. And I have it set up to pay off the balance automatically so I never get hit with late fees or interest. And I have overdraft protection, so any time I overdraw my account, the balance gets swept into a line of credit, with a reasonable interest rate (6%). But I usually cover the balance quickly, so if I do get hit with interest it’s only a matter of a few pennies.
What ticks me off is that medical offices are now hitting us with late fees. But that’s another story.

Tim-as wellJanuary 7, 2014

Actually good point about differing past experiences with banking institutions. As we see from this atricle they all are different. With near perfect credit score my Chase Mastercard told me to go pound sand when I asked for a rate reduction from 21%.
I’ll be checking into something like one of these even though I don’t carry much ballance.

SmileyJanuary 7, 2014

I have, for years a credit with 7.9% fixed rate, if I ever have to go over a month, it doesn’t break me.

A Different TimJanuary 7, 2014

Hey, I have an idea! Let’s all argue about whether credit cards are good or not, and whether the banks that issue them are evil greedy pigs, a benevolent part of our economy, or a neutral transaction processor just running a for-profit business. Be sure to chime in, because no matter what your experience or education on economic policy, banking, consumer psychology, or business management, your voice is just as valid as an expert’s! Thanks, internet!

Tim-2January 7, 2014

It has nothing to do with “greed”. For 10 years my wife and I watched friends and neighbors spend like they were 1% ers, all on credit. The we watched other do cash-out refi on their homes simply to put a BMW in the driveway, right before the housing buble burst.
We have always done without what most take for granited, or “expect they deserve” and it has been tough over the years raising kids but we also reap the benifets of having a 800+ credit score for the last 15 years.
It drives us crazy listening to the same people who fell for living outside their means blaming the “rich” 1 %ers and the those dasterdly banks.
Credit cards and home mortguages are volantary, so is debt, and so is a perfect credit score.
Noone has a “right” to stuff or healthcare or anything else being used by democrats to purchase votes, that is where the fingers should be pointed.

Diamond JimJanuary 6, 2014

Folks, I have been an American Express card holder since 1979 and have not paid one cent of interest. I pay my Am Ex balance when due at the end of each month. Am Ex is excellent about protecting it’s customers’ warranties and faulty product purchases.

It’s curious about blaming the “greed” of banks as the root problem of our economic system. 25 years ago, banks made about 1.5% return on assets. That means for example that if a bank had $100 million in assets, it made about $1.5 million a year – hardly greedy. Today banks still make about 1.5% on assets. The difference is that 25 years ago, banks made their profit by making loans. How many of you critics have a loan from an actual bank where you went in an applied for a loan? Home loans are generally not thru banks; car loans are made by the automakers lending arms; and etc. So today banks have turned into transaction processors -they earn their 1.5% ROA on transactions not loans. So, don’t make any transactions if you don’t want to pay a fee. Asking for free transactions is just another form of greed Time change. Inane thinking never does

EdJanuary 6, 2014

Credit cards should always be paid in full every month. If you cannot do so then you shouldn’t use them. If you can pay off every month then they work for you. I enjoy a free plane tickets and car rental to Hawaii every three years with the miles in get. Really cost me 79.00 member fee per year. Only charge what you can afford each month and pay on time!

BobJanuary 5, 2014

If you shop carefully and obtain items on sale the that helps negate any fees. Having said that, I charge over $50,000 a year and have done that for years. I pay the bills off each cycle and could care less about the costs. Yes, there are losers in every equation, that’s life.

MikeJanuary 5, 2014

I believe this is a paid advertisement. I’ve got an 800+ FICO and have done research on the cards which provide the best deals. For most purchases, I use the Capital One card that provides 1.5% cash back on all purchases. For dining, I use Citi Forward: 5 points per dollar spent. For gas and groceries, Pentagon Federal CU has a couple nice cards. I also keep the Chase Freedom and Discover cards for their rotating discounts which are sometimes attractive.

Paul P ValtosJanuary 5, 2014

Forget the come ons. I stick with USAA .I get straight accounting, posted interest and noting else which is what I want from a card.

RyanJanuary 4, 2014

Anyone with VERY good credit is smart enough to care more about the permanent APR than the temporary deals. Most of these promotions are paid for by 20%+ apr after the promotion. This I DO NOT NEED. I need a long-term great rate, like the ones I have now. Thus these deal do not tempt me at all.

Tom o'learyJanuary 3, 2014

The Dave Ramsey plan works my friends. I just came here looking for a good laugh and I got it. Credit cards reek…

JerryJanuary 3, 2014

I got the hase Freedom card and a $400 bonus.
I get $1500 back per year.
We pay off monthly.
You have to have a card to rent a car, so it’s for an emengency.
I like the record for tax deductions.
Jerry

AustinJanuary 3, 2014

No list of great credit cards is complete without the Hilton HHonors American Express card. 2 years ago my wife and I enjoyed an 8-night vacation at Hilton’s all-inclusive resort in Jamaica, and bought the whole stay with HHonors program points – we paid only for our airfare. We just booked another vacation for next month, also paid for with Hilton points, this time 7 nights in Curacao, a mere 2 years later. Yes, that’s a FREE VACATION EVERY TWO YEARS. If you have the discipline to do all your spending on one card and pay it off every month, this one’s a no-brainer.

DennisJanuary 2, 2014

Credit cards definitely offer some unique benefits if you know how to take full advantage of the terms ( at least reading the terms would be a great start for many users). When LOT airlines completely mucked up my trip, then refused an even partial refund, i got my entire airfare ($1100) back through the card company I had used to buy the tickets. More recently, my wife and I got bonuses of 140,000 American Airlines miles by opening 4 Citibank cards 2 years ago, then closing all but one, which we use to get additional miles ( 1 mile/$1 spent). The yearly fee on the card is $90, and since we pay off the balance every month, we don’t get charged any interest or other fees. Using the miles saved us about $2800 on airfare, with over 40k miles still unused. $2800 for $180 is a great deal in my book. Too bad it’s for first time customers only. But I’ll definitely check into the Barclays Arrival and Southwest deals in the article. Someone in the comments claimed you have to be “rich” to pay your credit cards off every month. Apparently, the commenter has cause and effect confused. If you ever hope to become anything close to rich, you might wanna start by paying on time and avoiding the fees. My wife’s a nurse and I am Army enlisted, with no lottery wins or wealthy parents – so we are as middle class as it gets, – but our credit histories show zero late payments over the last 14 years. When you do that, banks will indeed offer you thousands of dollars in rewards. Yes, I realize bank owners are not the ones giving me the money – it comes from fees and interest banks collect from other cardholders. But any time folks paying 18% APR on sh*t they can’t afford want to subsidize free airfare for us, we’re on board, literally and figuratively :)

IsaacJanuary 1, 2014

In response to Tim November 15, 2013. The people who pay for it are the ones without discipline and and self control on how to spend. The savvy ones get the cards, meet the minimums to get the bonus, pay them off and close the accounts. You’d be better off educating consumers on how to manage their credit than blaming it on the banks. Who doesn’t know that a company’s goal is to make a profit?

OccamsJanuary 1, 2014

Funny to see the sheeple rise up to defend their spending-without-money madness. One point ‘Sam’ missed is that all these transactions are ‘digital’, and causes MORE money to be printed – which is WHY we’re in the mess we’re in; ‘If you’re not part of the solution……’

And one fool on here actually believe that his cash has devalued – so he doesn’t carry any – so only uses cards? HUH?? The logic there eludes me. lol. Sheeple. The controlled-MSM media and the gov’ have gotten Americans to believe ANYTHING these days.

Which leads me to what is going to happen. A False Flag event IS coming, and a ‘terror attack’ is disguised within a drill, so those participating in the ‘drill’ are unaware the drill has ‘gone live’.

The government keeps ‘planting the seeds’ of a power grid-takedown, a banking computer virus, etc. This is to get the idea planted in the American sheeple’s mind, so that when it does happen, Americans, like those bobble-head dolls, will all collectively nod that they “knew about this”.

When all you cash-less, living on cards and EBT’s, and I-make-$1.25-purchases-on-a-card fools wake up, it will be too late. Their ‘drill’ they were “practicing” that day ‘somehow coincided with a terrorist attack’ – like Sept 11, Boston, etc., and your new god – the credit card – won’t be able to save you.

I’ll leave you with Vladimir Putin’s recent words to chew on; “Any fourth grade history student knows socialism has failed in every country, at every time in history,” said Putin. “President Obama and his fellow Democrats are either idiots or deliberately trying to destroy their own economy.”

“Conspiracy theory”? Yea. Keep telling yourself that.

Ed SnowdenDecember 31, 2013

Much of what the banks do today was explicitly against the law 25 years ago.
Regulatory capture is an awesomely profitable biz model. With the sheriff on your payroll, you can’t lose…

PhilDecember 31, 2013

I wish I had the time to spend an hour writing a socio-economic commentary on an article on credit card offers. That would be nice.

BillHHIDecember 27, 2013

I tried the Chase Slate card which, on the surface, appeared to be just as advertised. However, after receiving the card a letter came along a few days later explaining they could not pay off one of the balances. When I called to ask why they said the bank would not accept a check from them and I had to write one myself from those that came to me in the mail. Kind of strange so I cancelled the account. That took forever!

oberonDecember 25, 2013

I am the customer standing behind the lady who is counting out pennies and nickels to pay for her $23.17 bill at Target == I am the man with the axe.

Oh YeahDecember 23, 2013

J Smooth….CORRECT….CORRECT…CORRECT…..Some people villainize banks like it is their fault. Without fees people would just not pay. Banks are a business just like Walmart. They are giving you credit (money) that you don’t have to carry with you. It is a convenience that is FREE if you use it right and not only that, it PAYS YOU for using it right. Pay on time and you don’t have to worry. Spend ONLY WHAT YOU CAN AFFORD and you don’t have to worry.

J SmoothDecember 22, 2013

Why is it that NOBODY understands how to use credit cards? Instead I always see these post about FEES FEES FEES! You do not have to pay ANY FEES to use any credit card. Please let me explain how simple this whole credit card issue is America: Credit Cards are Great, that’s right… Great, but only for mature individuals who understand how they are to be used.
1.) Credit Cards make up the bulk of a credit score (good or bad your choice on how you use it) at a whopping 35% of your score is judged by these specific debt instruments.
2.) You have way more protection than your debit card (anyone shop at Target recently)
3.) Safer than carrying cash, and if it’s get’s lost or stolen, call the issue and cancel it, AND get your money back! Try that with a wad of cash.

Now these Fee’s that you always talk about. When you have a credit card, if you only spend an amount that YOU KNOW you can PAY OFF IN FULL every on or before the DUE DATE, guess what player?… drumroll please……………. YOU DON’T PAY ANY FEE’S!!!!! ZILCH, ZERO, NADA, NOTHING, NATHAN, NOT 1 CENT.Wow Poof! It’s Magic. And you build awesome credit because you have a, 0 debt to credit ratio, and you get all the protections I mentioned before, and your favorite, NO FEES OF ANY KIND> so what is the complaining about? I’m guessing the people who aren’t smart enough to pay off the balance every month and fall into a death cycle of interest. But these same people are smart enough to study fiat money and assert other conspiracy theories, yet cannot responsibly only spend what they can afford. Why not use credit cards to your advantage and pay off any and all balances every month, and let the credit card companies pay you instead, smarty pants. I’m just saying, I Call it like I see it, and I C U.

wdpDecember 19, 2013

There are transaction costs to all forms of payment. Even cash has the cost of counting it and taking it to the bank to deposit. Banks then have the cost of tellers and accounting for it in their records. Checks have their transaction costs. Debit cards are like credit cards and have their costs. Fraud is a cost for all forms of payment. So the big question is; are the transaction costs for credit cards so much higher than all other forms of payment that they should be avoided by consumers and merchants? I doubt it. Not at this point, although the electronic age may come up with a payment method so superior that Visa and Mastercard and American Express go out of business. That’ll be the day.

chargin' awayDecember 18, 2013

I use my cards like charge cards, so I never carry a balance.

Regarding the higher cost of transaction on the merchant, one way to play that game is to own shares of bank stocks, then you get both sides of the game, like paying your self the transaction fee.

anybody who is paying credit card interest should get a payday loan and pay it down..:)
Are you kidding? Anyone paying credit card interest needs to do whatever it takes to get your balances down to zero, and if you can’t you should cut up all your credit cards until you can manage your finances…

OferDecember 18, 2013

I have a better card than all the above, if you are after rewards, and a second card that is arguably better.
AMEX Fidelity Investments Rewards has no annual fee and gives you 2% on everything, no ceiling.
Chase Business Master Card has no annual fee, gives you 3% on gas, restaurants, office supplies, and home improvement. 1% on everything else.

DonDecember 18, 2013

Sam
The average corporate tax actually paid by U.S. businesses is 14%. Some keep stating the 35% number as if it’s real. It isn’t. The business lobbyists have packed in a huge number “special exceptions” by “influencing” Congressmen and Senators to vote them into law. I wonder how they “influence” them to do that? It’s too bad you and I don’t have someone to write “special exceptions” into the law to cut our taxes by 21% a year.

DonDecember 18, 2013

Sam
The average corporate tax actually paid by U.S. businesses is 14%. Some keep stating the 35% number as if it’s real. It isn’t. The business lobbyists have packed in a huge number “special exceptions” by “influencing” Congressmen and Senators to vote them into law. I wonder how they “influence” them to do that? It’s too bad you and I don’t have someone to write “special exceptions” into the law to cut our taxes by 21% a year.

RicDecember 17, 2013

Tim, well said. You are absolutely correct. The bottom line is these banks are not doing it for our benefit.

MichaelDecember 16, 2013

I remember in the 1960’s, into the 1970’s, 12% was a common credit card interest rate, while passbook savings were paying 4.5% rising to 5.5 percent. Today, the average credit card interest rate is close to 15%, while regular savings accounts pay well under 1 percent. See, there’s plenty of room to provide for cash back rewards.

VolkDecember 15, 2013

Please read a small print at the end of the article. The author is compensated by credit cards. These are not the best credit cards by any means. The vast majority of them have annual fee. Check out Discover and citi mastercard. The same or better cash back programs, but without annual fee. The article is just a commercial

TerryDecember 14, 2013

I have the same Credit Card for the past 25 years. I purchased it through my Credit Union and over the years it has saved me a ton of money. No gimmicks, just low interest rates, and excellent service. Who needs banks?

PrimoDecember 13, 2013

Capital One = cash bank, no annual fee, and no foreign transaction fee. Pen Fed good as well but reward points rather than cash back.

EualDecember 13, 2013

Lots of great commentary from multiple angles of the issue. As a consumer and regular user of plastic, I find carrying cash is much too inconvenient. Mainly because cash sources, for me at least, are out of my way during my daily commute to and from work. Oh sure, I could keep a small amount on hand home but then, it seems to disappear. Like many consumers, I despise the merchant that has imposed a swipe fee if I choose plastic; and like many consumers, I do not give them my business any more. They want to make profit just like any business owner does, but is it right to punish those that bring food to your table? A few of them also I’ve noted, don’t want to accept checks either. As quickly as swiping a card at a POS machine has taken most of the civilized world by storm, it makes me wonder though if we will truly become a cashless society entirely.

RobDecember 13, 2013

Having been on the collection side of the house, the bigger issue is granting credit to people who do not understand the ramifications or should not have it! Or, they choose to ignore the consequences and walk away from the debt. Also, attorneys promising bankruptcy relief and a government that makes collecting money owed dang near impossible with outrageous regulation on legitimate collection firms. All part of a government intervention that interrupts the business cycle with unintended consequences for legitimate businesses. Borrow wisely grasshopper!

1Dartagnon1, Dartagnon PuissantDecember 12, 2013

American Express suggested I use my card for every day expenses and told me that if I use my card at a gas station that I’ll get a 3% kickback … well … by using my card it cost me 10c MORE per gallon of gas and I need just over 9 gallons so it cost me just short of $1.00 to use my AMEX card … I saved 3% of $32 … or 96c … so in this case I came CLOSE to breaking even … but it pays to check out your card CLOSELY to see if the benefits outweigh the costs or is the bank winning? There are THREE THINGS USED to CONTROL the people of Earth … 1) Governments 2) Religions and 3) BANKS … beware the bankers!!! Caveat Bankers.

My wife and I choose to use credits cards for almost all of our financial transactions. The cards provide safety with nominal risk. The card issuers provide excellent service and assume the risk of fraudulent transactions. They provide additional benefits to card users in order to remain competitive.

Although we use credit cards, we do not carry a balance. We do not carry a balance as we use the cards for the “ordinary” purchases that we would pay with cash, check or debit cards. These purchases fall within our “budget” and are expected expenses. Extraordinary purchases, such as appliances, are also placed on the credit cards but have been put in our budget and we have set aside funds for payment.

The side benefit to us is the cash rewards for shifting our payments to the credit cards. The amount will total over $1,600 this year with a large part coming from the American Express Blue Cash Preferred Card.

TomDecember 10, 2013

Why don’t they just lower rates and fees. I don’t need a “free prize in every box” or a rebate scam. Why not just keep it simple. Does anyone know a card like that?

waldiaDecember 9, 2013

banks make 500-700% profit on each transaction, so having 1-3% kickback out of our own money is no sinner! never consider a simple card that is shining example of bank’s absolute greed and principle of not sharing the spoils.

MadeleineDecember 8, 2013

@Greg, Boy are you ever right about that, Not only are there almost no companies actually paying the 35% or 50%, many pay 0% and not a few are actually getting our taxpayer money back as refunds!

MadeleineDecember 8, 2013

@Clem I agree with using credit unions. Anyone who doesn’t maintain a hefty balance at a bank (I’m talking 6+ figures here) is much better off at a credit union. I get free checks as a long term senior customer, earn interest on my checking account with no minimum requirement, get refunds of any ATM fees I incur, have overdraft protection and always get personalized service when I need it. There is no way that would be the case at a bank. I remember years ago opening a checking account at Republic Bank on the promise of “free checking for life.” That was a joke. They canceled the free checking after about three years. I also feel a commitment to my credit union. I rarely use ATMs, try to get cash back at the grocery store instead. I rarely use checks anymore as my debit card provides my CU with a small profit. Its a two way street with the CU feeling an obligation to me and I to them.

Whitey Joe YoungDecember 7, 2013

Wow, there are a lot of whiners out there.

Everyone knows the merchant pays fees. Everyone also knows it’s voluntary. No one is twisting their arm. However, consider this: in certain businesses, like travel + leisure, or restaurants, if you do not take credit cards, you are laughed right off the page in the online directory of places! Seriously, can you fathom how many extra “rounds” of drinks were bought because the one buying them “just put it on his card?”

Yep… plastic brings profits. Why do you think it became so popular? Duh!

RandallDecember 6, 2013

Borrower is slave to the lender.
Get rid of your credit cards.
Stop buying things you can’t afford .
If you don’t have the cash you can’t afford it.
Live your life in peace and stop trying to play games with your credit cards to get these trivial gifts luring you to being in debt.
Look at the size of their building versus your house .
They have a big office building for reason, because they know what tricks work to deceive consumers…….

RandallDecember 6, 2013

Borrower is slave to the lender.
Get rid of your credit cards.
Stop buying things you can’t afford .
If you don’t have the cash you can’t afford it.
Live your life in peace and stop trying to play games with your credit cards to get these trivial gifts luring you to being in debt.
Look at the size of their building versus your house .
They have a big office building for reason, because they know what tricks work to deceive consumers…….

George WillsDecember 5, 2013

I’m not sure if anyone else has commented on this, but has anyone mentioned that all of these deals end with a VARIABLE interest rate? I’m paying 10% FIXED interest and would LOVE to transfer my balance to a 0% card for a year and a half… but not at the expense of coming back to a variable rate that STARTS at 13% and could go clear up to 23%! Ouch!

jackDecember 5, 2013

I’m glad these banks make profits, my 401k holds some of their stocks. Cut the sour grapes, my luck is somebody else’s fault comments and get in the game.

SugDecember 5, 2013

It all boils down to the simple philosophy of…..

IF YOU DON’T HAVE THE CASH, YOU DON’T NEED IT!!

Personal budgeting & household economy are how to stay out of debt.

Don’t blame credit cards & banks for making a buck off of your own greed & self indulgence. Be a better role model when using credit cards, teach your children better.

I acknowledge that there are always extenuating circumstances & the cash may not be immediately available (ie hospital costs, emergency life saving procedures), but having the newest & biggeBEp8q-Zkw—%%; p=dedQ6eFst material possession does not constitute an emergency.

RichardDecember 4, 2013

@bozozozo: Whether you can pay off balances has little to do with being rich or poor. It has to do with how well you’ve aligned your spending with your income.

The way I see it, it either requires great riches or poor judgment to decide to pay an extra 30% on each purchase in the form of interest going to the bank (if you only pay the minimum each month, you may pay more than double the purchase price when all is said and done). I know I’m not rich enough to afford to carry a balance. Or at least I don’t see interest payments as a wise use of my very limited funds. I’d rather spend my money on ME than on my bankers.

bozozozoDecember 4, 2013

who pays? the slugs with poor credit who are paying more than 30% interest on their unpaid balances, and who can’t seem to pay it down.

the winners are the rich who can pay their balance each due date.

the real winners are the credit card companies, who screw those who can’t pay their balances, and who screw the merchants, by taking a percentage of their gross.

the classic win win for the banks.

DanDecember 3, 2013

The thing Tim did not mention is that, while it’s fine for the well-off and even the middle class to say they will pay a slightly higher price for goods in order to get the convenience and perks, the poor also have to pay the higher price whether they like it or not. Few places charge different prices for cash and credit. The gas stations used to try that, but soon found customers did not like it, so they just hid it in the price of a gallon and now charge everyone extra. They certainly did not just stop recouping the fees. And will not get the perks because they can’t get the cards.

As Tim said, not the end of the world, and there’s virtually no chance of anything done about it, but you might as well face reality.

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NoahDecember 1, 2013

I have had Chase Slate for some years. The introductory offer is good, but don’t carry a balance after the interest free offer is up. I am currently paying 27.25% interest on a balance of some $2700. Wish I could get caught up soon.

AWDecember 1, 2013

Sam,
I agree with your points about the government and the banking industry- I think they are all corrupt. But in support of Tim’s point, as a small business owner the fees charged by banks to be able to have your business are exorbident. The tale 2-4% of hard earned profits- just taking it right out of the bottom line. The small business owner is taking the hit. In addition to the transaction fees they also charge businesses for the machine used to swipe the card. Your bank does not hate you. They still make 1.5-2.5% off every dollar you spend, even after giving you 1.5% back. Think of how much you spend in a year, and multiply that times the number of people in society using credit cards. Banks make a huge profit. The point is, they encourage you to use the card and charge small business owners who are struggling to break even every time you do.

AWDecember 1, 2013

Sam,
I agree with your points about the government and the banking industry- I think they are all corrupt. But in support of Tim’s point, as a small business owner the fees charged by banks to be able to have your business are exorbident. The tale 2-4% of hard earned profits- just taking it right out of the bottom line. The small business owner is taking the hit. In addition to the transaction fees they also charge businesses for the machine used to swipe the card. Your bank does not hate you. They still make 1.5-2.5% off every dollar you spend, even after giving you 1.5% back. Think of how much you spend in a year, and multiply that times the number of people in society using credit cards. Banks make a huge profit. The point is, they encourage you to use the card and charge small business owners who are struggling to break even every time you do.

GregNovember 30, 2013

@Sam

Please show me a company that is actually PAYING 35-50% taxes. They don’t exist.

GregNovember 30, 2013

@Sam

Please show me a company that is actually PAYING 35-50% taxes. They don’t exist.

John DillNovember 29, 2013

The card companies better wage a good fight to win customers because they will be
losing them to BItcoin very soon.

D NguyenNovember 28, 2013

“Swipe fee” is only charged to smaller shops which cannot reach the volume requirements bigger processors offer. Larger chains, like Safeway, don’t pay that, just a straight percentage of the transaction – about 2.4%.

The bigger problem than swipe fees are chargeback fees. The processors charge a “chargeback fee” that may be in tens or even hundreds of dollars if you have “too many” chargebacks. It only takes one fraudster to lose hundreds of dollars to those fees.

LiptoniusNovember 28, 2013

I note with interest that not one of these cards lists the A.P.R. gouge rate AFTER the 12-month honeymoon.

I wonder why that is?

It’s a mystery!

ChristopherNovember 28, 2013

I use a credit card that pays me cash back only. In 2013 has received just about 200.00 so far. It is a matter of being responsible and not carrying a balance . I use my card as I would a debit card. If I can’t afford the purchase , I do not make the purchase. As far as businesses getting charged fees, they can pass that on to the consumer if they wish to..Gasoline stations do it all the time. I choose not to purchase fuel from stations that do so. It is all a matter of choice . C. R.

WDNovember 26, 2013

Card slaves are Eloi…..tasty treats for Morlock who will suck the marrow from your bones.

FCelluraNovember 25, 2013

USE OF CREDIT CARD IS SMARTER WAY TO GO. I DO NOT KNOW HOW MANY TIMES FOR RETURNS, WARRANTIES, REBATES, TAXES, HAVING PERMANENTNT RECORD OF PURCHASR HISTORY HAS COME TO RESCUE. ALSO, YOU GET THINGS LIKE ACCIDENT AS ND RENTAL INSURANCE, BREAKAGR PROTECTION AND EXTENDRD WARRANTIES.

Jerry RayNovember 22, 2013

Angle Flores comment is great; short and to the point. You don’t have to be rich to have excellent credit. Just pay your bills promptly and don’t miss any.
As for me, I don’t use the credit card for little purchases, I use cash. I think that helps offset the fees charged by CC companies. I don’t buy a 79 cent item with a credit card. Not much left for the merchant that way.

MaD dOGNovember 22, 2013

Well Tim,
You seem to have it all figured out. Banks are greedy and bad. People are stupid and get tricked into getting and using credit cards.
If you don’t want to use credit cards, fine – don’t. If you don’t want to shop where credit cards are accepted, fine – don’t.
But do you really think cash is better? Policies of our government and their sister-wife, the Federal Reserve make the dollar worth less and less every day. And when the pumping stops and the inflation starts, cash lose value even more rapidly.
The problems of bank policies stem largely from an overreaching federal government. If banks – even big large mega banks – would be allowed to “fail” when they make stupid decisions and bad policies, they would likely make fewer of them. Government interference in the loan underwriting mechanism and bailouts after huge blunders largely lets the banks do as they please.
Capitalism is a risk-reward environment. Eliminate the risk with bailouts, and the rewards with burdensome laws, regulations and taxes, and you no longer have Capitalism.
Some regulation of banks is necessary to prevent fraud and maintain solvency. Our current system is so far beyond that now.
By the way, I have a credit card with no annual fee. I pay the balance off each month, so I don’t pay any interest. I get 1.5% cash back on each purchase. I’ll bet credit card companies hate me.

MaD dOGNovember 22, 2013

Well Tim,
You seem to have it all figured out. Banks are greedy and bad. People are stupid and get tricked into getting and using credit cards.
If you don’t want to use credit cards, fine – don’t. If you don’t want to shop where credit cards are accepted, fine – don’t.
But do you really think cash is better? Policies of our government and their sister-wife, the Federal Reserve make the dollar worth less and less every day. And when the pumping stops and the inflation starts, cash lose value even more rapidly.
The problems of bank policies stem largely from an overreaching federal government. If banks – even big large mega banks – would be allowed to “fail” when they make stupid decisions and bad policies, they would likely make fewer of them. Government interference in the loan underwriting mechanism and bailouts after huge blunders largely lets the banks do as they please.
Capitalism is a risk-reward environment. Eliminate the risk with bailouts, and the rewards with burdensome laws, regulations and taxes, and you no longer have Capitalism.
Some regulation of banks is necessary to prevent fraud and maintain solvency. Our current system is so far beyond that now.
By the way, I have a credit card with no annual fee. I pay the balance off each month, so I don’t pay any interest. I get 1.5% cash back on each purchase. I’ll bet credit card companies hate me.

BettyNovember 22, 2013

Sam,
Well said, I too have traveled the world using my award points. I even bought a flat screen TV for our mountain home. Useing your credit card for everything and paying it off each month is the responsible way of handling a credit card.

BettyNovember 22, 2013

Sam,
Well said, I too have traveled the world using my award points. I even bought a flat screen TV for our mountain home. Useing your credit card for everything and paying it off each month is the responsible way of handling a credit card.

FRANKNovember 22, 2013

Credit cards are great if you know how use them and manage your credit.

Angel FloresNovember 19, 2013

All of these credit cards are for people with excellent credit. They can afford the offers if they choose. Now as far a Winco, they arent saving me any money if the product goes bad before i get it home.

I have excellent credit and I keep it by only making purchases I can afford. It’s like anything, you have to now how to play the game and be responsible.

TimNovember 18, 2013

Sam, it is true that usage ad acceptance is, indeed, voluntary. But there is voluntary and then there is voluntary.

In today’s economic timed and hardships, fee businesses can afford to lose the patronage of consumers like you who rarely use cash anymore. It’s sad that it’s better to eat those fees than to potentially lose a customer. What makes that sadness more profound is the logistics of it: you as a potential customer do not carry the actual legal tender and currency of the land may not frequent an establishment because that business refuses to accept fake, electronic funds that 1) they have to pay a fee to someone else to make that transaction and 2) not even have access to those funds for several days.

A legal practice does not make for an ethical practice. Banks want excessive profits that they were unheard of before they began pushing “plastic.” You want perks in return for spending your money. A business accepting your cards just wants to survive and compete.

Fees do vary widely. Your 2-4% doesn’t cover the entire breadth of the situation. Debit cards carry a lower percentage fee than credit cards. Regardless of percentage, you forgot to include an automatic “swipe fee” that can be as much as an additional 25¢ per transaction, applied to both purchases AND returns, making a business lose both ways. And then there are the additional higher fees for accepting card payment when a card is not physically present durinf that transaction. Rewards credit cards carry the highest financial burden for businesses because those businesses are paying out of pocket to forcefully give over the money to you to pay for them. Ever consider why so many businesses don’t accept Discover? Discover will charge a business 2% to accept its card so they can turn around and give 1% to the cardholder.

I’m sorry, but businesses are more blackmailed into accepting plastic by consumers like you because it’s impossible to survive otherwise. You say you’d be happy to pay higher fees to continue as you are? If you were, then you are no longer getting those perks. You’re paying for them in smaller increments instead. And the vast majority of people are not so willing as you. Do you remember the outrage that occurred when Bank of America announced that they’d begin charging a $5 per month fee to its customers that used a debit card? B of A had to rescind that due to the backlash because people wouldn’t voluntarily hand over five dollars a month for the convenience you love so much.

And while true that there are worse evils in the world to tackle, it doesn’t diminish the importance of the smaller ones. As I said before: legal versus ethical. You have no issue with banks reaping outrageous profits for doing nothing? Do you have any issues with oil companies doing the same?

SamNovember 17, 2013

Tim,
I think the part you’re missing is that credit card usage and acceptance is voluntary. Good for Winco foods that they’ve chosen not to accept credit cards…that is their absolute right. It is also my right to patronize businesses that accept my cards. I am more than willing to pay a slightly higher price for the convenience of using my card. I carry almost no cash and use my credit card for everything. In addition to convenience, I have flown all over the world with miles which is a real perk. I also harbor no ill will towards the banks for making money…there is nothing wrong with making a profit, even huge profits, as long as the activities are legal and ethical.
Lastly, I’ll point out to you that the higher prices we pay to cover hidden credit card fees absolutely pales in comparison to the price we pay for onerous regulations and taxation by the government. Credit card transaction fees range from 2 to 4% while the federal corporate income tax is a world leading 35%! Tack on state and local taxes and we’re up to 50% in some areas before we’ve started talking about regulation expenses. And unlike credit cards, the governments piece of the action is anything but voluntary.

SamNovember 17, 2013

Tim,
I think the part you’re missing is that credit card usage and acceptance is voluntary. Good for Winco foods that they’ve chosen not to accept credit cards…that is their absolute right. It is also my right to patronize businesses that accept my cards. I am more than willing to pay a slightly higher price for the convenience of using my card. I carry almost no cash and use my credit card for everything. In addition to convenience, I have flown all over the world with miles which is a real perk. I also harbor no ill will towards the banks for making money…there is nothing wrong with making a profit, even huge profits, as long as the activities are legal and ethical.
Lastly, I’ll point out to you that the higher prices we pay to cover hidden credit card fees absolutely pales in comparison to the price we pay for onerous regulations and taxation by the government. Credit card transaction fees range from 2 to 4% while the federal corporate income tax is a world leading 35%! Tack on state and local taxes and we’re up to 50% in some areas before we’ve started talking about regulation expenses. And unlike credit cards, the governments piece of the action is anything but voluntary.

PaulNovember 16, 2013

I like the comment ! Something we never think about!!!!!!!

TimNovember 15, 2013

The problem with all of these great deals, as is the problem with increased credit/debit card usage, lies solely on WHO ends up paying for these “deals” in the end. No one ever considers the obvious here: GREED. Who is behind every single one of these cards? A bank. We all know that banks do not just give anything away. They do not jus offer up perks for free. Someone always pays for them.

If The Great Recession should have taught the American people anything, it’s that the banking industry is not on our side. We still feel the results of this today as larger banks continue tightening policies, raising fees, and introducing new fees for previously free services (Chase now charges fees for depositing too much cash into your account!!).

Yes, I digress. With cause. Everyone needs to understand that the banking industry wants to encourage the increase in card usage. Why? It makes them partners in every single transaction that occurs with one, and they will be getting a piece of the action for each and every swipe. Consider that every time any of us use a credit or debit card, for any reason. Each time that card is swiped, the business that just accepted your card (so you can get whatever benefit out of it you think you are) is paying a fee to the bank that issued it.

Often these fees are rather steep and certainly add up to the cost of doing business in America today. So…what happens to that cost as it accumulates higher and higher with bank-sanctioned increased usage? Do these businesses choose to eat those costs, prolonging the affects of The Recession that slow economic recovery, particularly for small business? Some do. If they don’t, those costs are turned around and compensated for by raising the price in goods, services, or by tagging on their own fees for card usage.

Ultimately, my good people, it is you and all of the rest of us who pay the ultimate price. While the banking industry reaps their profits in the billions of dollars in processing fees alone, we see an increase in what we pay across the board, just for the perceived benefits and conveniences these cards allegedly bring.

I applaud business such as Winco Foods, who do not accept credit cards in an effort to keep their prices low for their customers, and other business who have turned things around by charging the customer the fees for swiping their cards. After all, it is your choice to use the card, you should be the one to pay for any fees associated with that, not the business and not the next customer in line.

I can assure you that if each of you were responsible for paying the fees that your card usage burdens this economy with, you’d think twice next time you pulled it out, and our wonderfully greedy banking industry would have to find another means of getting their hands in our pockets. Remember, banks don’t give anything away for free anymore. They don’t have to. Our government won’t let them fail no matter what, and they’ll continue grabbing money by the billions any way they can until they get slapped on the wrist.

Only we have the collective power to influence their practices.

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About Author

Tasha Lockyer

Tasha has been working in Silicon Valley for the past 20 years, enjoying a long-lived career in Product Management and Marketing. She is currently the Director of Product Management for NextAdvisor and in addition to product development, I.T. projects and an assortment of other endeavors, she has has spent the last 7 years covering all things credit, credit cards and identity theft protection. Her credit card analysis has been cited in a wide array of leading publications including Forbes, New York Times, CBS News and Huffington Post.

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